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The regulator of the nation’s banks has issued its first guidance on stablecoins , the cryptocurrency backed by traditional currency. . A letter by the Office of the Comptroller of the Currency (OCC) published on Monday (Sept. Allaire said this has been a long time coming. “The
The digital currency and related distributed-ledger technologies could "enhance the efficiency, effectiveness and stability of the provision of payments," according to an interpretive letter issued by the Office of the Comptroller of the Currency.
Among plenty of emerging use cases, the technology aims to create a new and improved payments system for the world — one that’s secure, transparent, decentralized, fast, and uses cryptocurrencies (types of digital cash) as a means of exchange. But the value of most cryptocurrencies, especially bitcoin, fluctuates on a daily basis.
In today’s top news in digital-first banking, the Office of the Comptroller of the Currency (OCC) has issued stablecoin guidance, and Deutsche Bank intends to decrease the size of its brick-and-mortar footprint. Deutsche Bank plans close 20 percent of its branch offices in Germany.
The Office of the Comptroller of the Currency (OCC) released a letter that explained the authority of federal savings associations and national banks to keep “reserves” for clients who are issuers of stablecoins in some cases, according to a Monday (Sept. Acting Comptroller of the Currency Brian P.
Toward that end, and more mainstream use cases, getting the rails in place to speed and streamline transactions, regardless of the cryptocurrency used, remains key. As spotlighted in this space , Ternio said it has joined Visa’s Fast Track as a cryptocurrency-focused enablement partner. The Outlook For Stablecoins .
The shift has been noticed by big-name companies, including PayPal , which recently rolled out a method for letting customers buy, hold and sell cryptocurrencies directly. In late October, the payments giant was also reportedly considering buying some cryptocurrency companies.
If 2020 taught us anything about cryptocurrencies, it’s that they’ve reached a tipping point. Or maybe that cryptocurrencies have yet to go mainstream beyond the headlines because fraud still lurks. Bitcoin, of course, exists as one of the most widely recognized cryptocurrencies. Over the summer, the U.S.
Office of the Comptroller of the Currency (OCC) Chief Operating Officer Brian Brooks said he thinks digital currency firms could go under a federal licensing program in the event they offer what could be called payment services, CoinDesk reported. Meanwhile, MiL.k,
Morgan’s initiatives in cryptocurrency and stablecoin technology have ramped up in recent months, for instance. There are currently three community banks in the market that provide services to the digital asset arena: Signature Bank , Silvergate Bank and Metropolitan Commercial Bank.
New York-based Paxos is a blockchain infrastructure platform that provides cryptocurrency services, like crypto trading and settlement or custody, to enterprises. The company offers a variety of products, like crypto brokerage APIs, settlement services, a cryptocurrency exchange named itBit, and stablecoins.
For stablecoins, concept is edging closer to reality, especially for digital dollars – with a dose of regulatory clarity. To that end, as Jeremy Allaire , CEO of Circle , told PYMNTS’ Karen Webster, a number of trends are converging to bring stablecoins into the mainstream of commercial and consumer payments.
BitPay , a cryptocurrency payments firm, has filed to become a national bank in the U.S., BitPay has filed with the Office of the Comptroller of the Currency (OCC) to set up a federally regulated bank called the BitPay National Trust Bank, which will be headquartered in Georgia. In addition, Rep.
The Federal Reserves shift on crypto banking access could impact payments, stablecoins, and digital assets. This should, in theory, improve banking access for stablecoin-focused companies and enable banks to offer crypto services. The US, with its widely used USDC stablecoin, is well-positioned to lead. Why is it important?
the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), or the National Credit Union Administration (NCUA)) are not included in the Working Group, especially given the allegations of an ‘Operation Choke Point 2.0.,’
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