Kiffmeister’s #Fintech Daily Digest (01/05/2021)

U.S. OCC Says Banks Can Conduct Payments Using Stablecoins

The U.S. Office of the Comptroller of the Currency (OCC) clarified that national banks and federal savings associations may use stablecoins to conduct payment activities and other bank-permissible functions and participate in distributed ledger technology (DLT) networks. The OCC letter said DLT networks “may be more resilient than other payment networks” due to the large number of nodes needed to verify transactions, which can in turn limit tampering.