The US Office of the Comptroller of the Currency (OCC) has published a new letter according to which, the US financial institutions can now keep reserves on behalf of stablecoin issuers.
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The letter states that a bank providing services in support of a stablecoin project "must comply with all applicable laws and regulations and ensure that it has instituted appropriate controls and conducted sufficient due diligence commensurate with the risks associated with maintaining a relationship with a stablecoin issuer."
"...national banks may receive deposits from stablecoin issuers, including deposits that constitute reserves for a stablecoin associated with hosted wallets," the regulator highlighted.
Notwithstanding, a national bank, according to the OCC, should provide appropriate disclosures regarding deposit insurance coverage. A financial institution must ensure that its deposit activities comply with applicable laws and regulations, including those related to anti-money laundering policy.
Acting Comptroller of the Currency Brian P. Brooks says the letter provides "greater regulatory certainty for banks within the federal banking system to provide those client services in a safe and sound manner."
Earlier in August, several financial institutions and payment corporations asked the OCC and its regulatory counterparts to "clarify the supervisory requirements and expectations for services conducted on distributed ledger technology."
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