{"id":6012,"date":"2021-01-07T11:05:40","date_gmt":"2021-01-07T11:05:40","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6012"},"modified":"2021-01-19T12:14:07","modified_gmt":"2021-01-19T12:14:07","slug":"us-turns-to-stablecoins-to-speed-up-payments","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2021\/01\/07\/us-turns-to-stablecoins-to-speed-up-payments\/","title":{"rendered":"US turns to stablecoins to speed up payments"},"content":{"rendered":"

The US government is turning to stablecoins\u2014transferable digital tokens backed by fiat currency\u2014as a way of speeding up its notoriously slow domestic payments system<\/a>.<\/p>\n

Earlier this week the Office of the Comptroller of the Currency (OCC), an independent bureau of the US Treasury, issued an interpretive letter<\/a> saying that US banks may use stablecoins to carry out payment activities.<\/p>\n

The OCC also said banks could record those payments transactions by serving as a node on an independent node verification network (or \u2018INVN\u2019\u2014the term the OCC uses to refer to a blockchain<\/a>).<\/p>\n

The move by the OCC, which regulates and supervises all national banks in the US, has been greeted as a significant step towards the acceptance of blockchain technology and as a sign of the continuing convergence between traditional and cryptocurrency-based finance.<\/p>\n

\u201cBlockchain is coming of age\u201d<\/p><\/blockquote>\n

\u201cBlockchain is coming of age,\u201d said Jennifer Murphy, COO at Western Asset Management, in response to the release of the letter.<\/p>\n

\u201cThe OCC is paving the way for the accelerated adoption of blockchain-based infrastructure in financial services,\u201d she said.<\/p>\n

The OCC\u2019s head, Brian Brooks, served previously as chief legal officer of cryptocurrency exchange Coinbase.<\/p>\n

Last summer, Brooks touted the efficiencies of stablecoins for money transfers and argued that the US payments infrastructure did not have to be government-run.<\/p>\n

\u201cInstantaneous settlement [with stablecoins] would be a game-changer,” Brooks said during a podcast with US-based stablecoin provider Circle, noting the blockchain-based system’s speed and cost advantages.<\/p>\n

Independently from the OCC\u2019s initiative, the US central bank, the Federal Reserve has been trying to speed up domestic dollar transfers via new real-time payments system called FedNow. However, this is not due to come into force until 2024 at the earliest.<\/p>\n

Brooks also argued that widespread adoption of stablecoins in the US could help preserve the role of the dollar in the global financial system.<\/p>\n

“Currently, we are the only country in the world that doesn’t have to change money to buy oil in Saudi Arabia,\u201d he told Circle CEO Jeremy Allaire during the podcast.<\/p>\n

\u201cEven the Saudis do. That can’t last for years,” Brooks said.<\/p>\n

\u201cThe dollar has been a reserve currency for a long time not because it’s better or easier to use but because it’s more liquid.”<\/p>\n

In November the Bank for International Settlements (BIS), the main policy-making and research body for the world\u2019s central banks, said that stablecoin volumes could expand by \u201corders of magnitude\u201d <\/a>\u00a0during the coming years.<\/p>\n

Stablecoins in issue currently total around $28bn, with around 80 percent of the total in the controversial, unregulated dollar stablecoin called tether<\/a>.<\/p>\n

\u201cWe are on a path towards all major economic activity being executed on-chain\u201d<\/p><\/blockquote>\n

Earlier this week Jeremy Allaire, Circle\u2019s CEO, hailed the OCC\u2019s decision and predicted it would have widespread consequences.<\/p>\n

\u201cDecentralised, permissionless, open source and internet-mediated software is literally becoming the foundation for not just the US financial system but for the global economy,\u201d Allaire said on Twitter<\/a>.<\/p>\n

\u201cWe are on a path towards all major economic activity being executed on-chain.\u00a0 It is tremendous to see such forward-thinking support from the largest regulator of national banks in the United States,\u201d Allaire said.<\/p>\n

In its interpretive letter, the OCC said it viewed stablecoins as an evolutionary, rather than a revolutionary technology<\/p>\n

\u201cStablecoins function as a mechanism of payment, in the same way that debit cards, checks, and electronically stored value (ESV) systems convey payment instructions,\u201d the OCC said.<\/p>\n

\u201cBanks have long used cashiers\u2019 checks, travellers\u2019 checks, and other bearer instruments as a means of facilitating cashless payments.\u201d<\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The US government is turning to stablecoins\u2014transferable digital tokens backed by fiat currency\u2014as a way of speeding up its notoriously slow domestic payments system. 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