{"id":28990,"date":"2020-09-21T23:46:55","date_gmt":"2020-09-21T20:46:55","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=28990"},"modified":"2025-08-27T14:28:25","modified_gmt":"2025-08-27T11:28:25","slug":"u-s-regulator-allows-banks-to-hold-stablecoin-reserves","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/u-s-regulator-allows-banks-to-hold-stablecoin-reserves\/","title":{"rendered":"U.S. regulator allows banks to hold stablecoin reserves"},"content":{"rendered":"<p>The Office of the Comptroller of the Currency (OCC), part of the U.S. Treasury, has allowed national banks and federal savings associations to hold the reserves of stablecoin issuers.<\/p>\n<p><!--more--><\/p>\n<p>In <a href=\"https:\/\/www.occ.gov\/topics\/charters-and-licensing\/interpretations-and-actions\/2020\/int1172.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">OCC letter<\/a> it is stated that the permission applies only to stablecoins pegged to a single fiat currency at 1:1. The most important condition is the custody of cryptographic [private] keys from a wallet by an identified third party that executes transactions and custody on behalf of account holders. National banks must check at least once a day whether all stablecoins are backed by reserves, the regulator says.<\/p>\n<p>The OCC emphasized that banks must consider liquidity and legal compliance risks in dealing with stablecoin issuers, and ensure compliance with KYC\/AML procedures and federal securities laws.<\/p>\n<p>The U.S. Securities and Exchange Commission (SEC) has already stressed that digital assets may not necessarily be securities, but urged issuers to cooperate with the agency ahead of sales.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">SEC FinHub statement on OCC interpretation regarding fiat-based \u201cstablecoin\u201d projects; encourages engagement with FinHub staff <a href=\"https:\/\/t.co\/cJ2ymWS3CR\">https:\/\/t.co\/cJ2ymWS3CR<\/a><\/p>\n<p>\u2014 SEC_News (@SEC_News) <a href=\"https:\/\/twitter.com\/SEC_News\/status\/1308134789522829312?ref_src=twsrc%5Etfw\">September 21, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A former Coinbase executive and the current head of the OCC, Brian Brooks, added that banks are daily involved in billions of dollars of stablecoin-related activity.<\/p>\n<blockquote>\n<p>\u201cThis decision provides banks with regulatory clarity,\u201d he summed up.<\/p>\n<\/blockquote>\n<p>Earlier, the OCC had allowed national banks to hold customers&#8217; cryptocurrencies. Since then, major players \u2014 U.S. Bancorp and PNC Financial Services Group \u2014 <a href=\"https:\/\/u1f987.com\/en\/news\/two-top-10-u-s-banks-express-interest-in-bitcoin-custody-services\">expressed<\/a> interest in providing such services.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"bJp6UWqRtv\">\n<p>The American regulator has allowed banks to provide custody services for cryptocurrencies<\/p>\n<\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u00ab\u0410\u043c\u0435\u0440\u0438\u043a\u0430\u043d\u0441\u043a\u0438\u0439 \u0440\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440 \u0440\u0430\u0437\u0440\u0435\u0448\u0438\u043b \u0431\u0430\u043d\u043a\u0430\u043c \u043f\u0440\u0435\u0434\u043e\u0441\u0442\u0430\u0432\u043b\u044f\u0442\u044c \u0443\u0441\u043b\u0443\u0433\u0438 \u043f\u043e \u0445\u0440\u0430\u043d\u0435\u043d\u0438\u044e \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442\u00bb \u2014 ForkLog\" src=\"https:\/\/u1f987.com\/news\/amerikanskij-regulyator-razreshil-bankam-predostavlyat-uslugi-po-hraneniyu-kriptovalyut\/embed#?secret=8jYCf8O2HD#?secret=bJp6UWqRtv\" data-secret=\"bJp6UWqRtv\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>In August 2019, Coinbase confirmed the purchase of the institutional custody business Xapo. That gave Coinbase Custody assets of $7 billion, making the company the largest institutional custodian of digital assets. The deal was valued at $55 million.<\/p>\n<p>Among other large American custodians are Fidelity Digital Assets, BitGo and Bakkt.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Office of the Comptroller of the Currency (OCC), part of the U.S. Treasury, has allowed national banks and federal savings associations to hold stablecoin issuers&#8217; reserves.<\/p>\n","protected":false},"author":1,"featured_media":28991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,36,807,26],"class_list":["post-28990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-regulation","tag-stablecoins","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=28990"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28990\/revisions"}],"predecessor-version":[{"id":28992,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28990\/revisions\/28992"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/28991"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=28990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=28990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=28990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}