OCC calls on community banks to enter the stablecoin payments market
Source: CoinDesk ·
From the source
The U.S. banking regulator is encouraging smaller lenders to develop stablecoin services as new federal licensing requirements approach. The U.S. Office of the Comptroller of the Currency (OCC) on Monday called on community banks to enter the stablecoin market, including by applying for permission to issue their own dollar-pegged tokens. The regulator said it wants community banks to help shape the future of payments and encouraged them to apply directly or through subsidiaries to become permitted stablecoin issuers under the GENIUS Act. “These opportunities complement the OCC’s Community Bank Comeback initiatives to right-size regulation and tailor supervision so community banks can grow, compete, and continue serving their communities,” said the OCC, the independent bureau of the Treasury Department that regulates and supervises national banks, federal savings associations and federal branches and agencies of foreign banks. The invitation comes as U.S. banking groups have pressed…