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U.S. regulator says banks can use stablecoins, connect to blockchains


Cryptocurrency prices briefly soared late Monday, after a federal banking regulator said in an interpretive letter that U.S. financial institutions are allowed to use stablecoins for payment activities, and can participate as nodes in a blockchain.

The letter from the Office of the Comptroller of the Currency is the latest crypto-friendly move from the Treasury Department office.

“Our letter removes any legal uncertainty about the authority of banks to connect to blockchains as validator nodes and thereby transact stablecoin payments on behalf of customers who are increasingly demanding the speed, efficiency, interoperability, and low cost associated with…


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