US Banks Receive Approval to Issue Stablecoins
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The US Office of the Comptroller of the Currency (OCC) shared a statement yesterday according to which banks are allowed to run independent nodes and distributed networks as well as issue their own stablecoins, CoinTelegraph reports.

According to the document, banks "may use new technologies, including INVNs and related stablecoins, to perform bank-permissible functions, such as payment activities."

It should be noted the OCC's announcement brings a ray of light to the uncertainty surrounding the future of stablecoins. However, the institution has also warned about the risks involved in the use of this technology:

"Banks must also be aware of potential risks when conducting INVN-related activities, including operational risks, compliance risk, and fraud. New technologies require enough technological expertise to ensure banks can manage these risks in a safe and sound manner."

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One of the groups that has been lobbying the regulator, the Blockchain Association, has said about the announcement that "the letter states that blockchains have the same status as other global financial networks, such as SWIFT, ACH, and FedWire."

The legal situation of stablecoins has recently attracted a lot of attention in the US after a congresswoman presented a bill aimed at banning stablecoin networks.

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