The OCC has taken a number of steps to integrate the crypto space with the existing financial system under Brian Brooks, acting Comptroller of the Currency and former general counsel of Coinbase. In recent months, the OCC has told banks they can provide services to crypto startups and floated a national payment charter for exchanges and other fintech firms. According to the letter, stablecoin issuers can point to the fact that regulated banks hold their reserves to convince the general public that they are safe.
“National banks and federal savings associations currently engage in stablecoin related activities involving billions of dollars each day. This opinion provides greater regulatory certainty for banks within the federal banking system to provide those client services in a safe and sound manner,” Acting Comptroller of the Currency Brian Brooks said in a statement.