• Fri. Sep 29th, 2023



The head of FDIC expressed cautious optimism regarding the use of stablecoins in payments


Dec 12, 2022

The head of FDIC expressed cautious optimism regarding the use of stablecoins in payments

Stebblecoins deserve consideration as a payment fund, FDIC expects to collect more information for proper regulation of banks in relation to Grayscale will cryptoactives. This was stated by the acting department Martin Grunberg.

The official complained to the current state of affairs:

“As soon as the risks associated with some cryptocurrencies become more acute, either the basic technology, or the use script or business model changes. New digital assets regularly appear on the market with differentiated risk profiles. As a result, external similarities can be hidden significantly different risks. “.

The expansion of industry data will allow FDIC to provide feedback through letters that banks should use to inform the agency about their activities. Clients and insured institutions also need the best sense of how the department works, he added.

The official emphasized that the lack of a demonstration of the value of stablecoins outside the crypto -ecos system deserves attention. He proposed not to create barriers, despite the Debut of the Federal Payment System planned in 2023 called Fednow, which does not use blockchain.

According to Grunberg, payment steablecoins can “fundamentally change the landscape of banking”.

Most of the potential changes that he managed to track, by his conviction were negative in nature. This happened even in the conditions of prudent regulation, the full support of assets and the use of exclusive blockchains.

Grunberg, as the risks revealed by him, called the consolidation and elimination of intermediaries in the banking system (especially in local financial institutions), as well as the elimination of credit intermediaries. The latter can lead to “creating a new type of shadow banking”, he added.

Recall that in September, Forklog said that the bill of “stable coins” developed in the House of Representatives of the United States suggests that the issuers of the stabilcoins secured by fiat currency will fall under the supervision of FDIC and OCC .

In April, the head of the latter, Michael KhSU called to equate the issuers of “stable coins” with depository institutions with compulsory deposit insurance.

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