National banks and licensed US savings associations will be able to participate as nodes in public blockchains such as Bitcoin and Ethereum and process payments with stablecoins, according to an interpretive letter published Monday night by the Comptroller’s Office of the Currency (OCC) of the nation.
In its publication, the US regulator points out that federal financial institutions are now authorized to use new technologies, such as “independent node verification networks (INVN or blockchain networks) and stablecoins, to participate and facilitate payment activities.” In this way allows banks to participate as nodes in a public blockchain and open to validate, store, record and settle payment transactions, provided they comply with existing laws.
In the document, the OCC points out that, with the interaction in blockchains, financial institutions will be able to mitigate the costs of remittances, and process them in a “cheaper, faster and more efficient” way. For this, they can use stablecoins such as Tether, TrueUSD or USD Coin, which have a 1: 1 parity with the dollar.
“INVNs can improve the efficiency, effectiveness and stability of the provision of payments. For example, they can be more resilient than other payment networks due to their decentralized nature. Rather than relying on a single entity (or a small number of parties) to verify payments, INVNs allow a comparatively large number of nodes to verify transactions