Comptroller of the Currency Discusses Stablecoins

The Comptroller of the Currency spoke about stablecoins and the role that pegged cryptocurrencies will play in the banking sector moving forward. Acting Comptroller Hsu discussed “the architecture of a U.S. dollar-based stablecoin system, and policy considerations regarding stablecoin stability, interoperability and separability” at the Institute of International Economic Law at Georgetown University Law Center. Mr. Hsu stated the following with regards to the proliferation of stablecoin use: “Stability, interoperability, and separability are preliminary policy factors to consider in that architectural development.” Additionally, the agency will consider other important factors such as “privacy, security, and preventing illicit finance, may also have architectural implications and warrant discussion and consideration.” (Michael J. Hsu’s Remarks)