The Office of the Comptroller of the Currency allowed banks to\u00a0use stablecoins\u00a0in transactions. It can help stablecoins to develop further.\r\n\r\nStablecoins are one of the cryptocurrencies that peg their value to some fiat currencies. It can be\u00a0USD,\u00a0EURO, or\u00a0YEN. These stablecoins are useful when other cryptocurrencies are too much volatile. The\u00a0stability of the stablecoin is the advantage of them. This advantage attracts many organizations to use it as a medium of payment.\r\n\r\nOn\u00a04th January,\u00a0The Office of the Comptroller of the Currency\u00a0(OCC) approved the usage of stablecoins during transactions. According to the\u00a0press release, banks can participate in\u00a0independent node verification networks\u00a0(INVN) to verify and store the transactions. This process functions the same way blockchains do for cryptocurrencies. They need to comply with applicable law and safe, sound, and fair banking practices to execute those transactions.\r\n\r\nActing Comptroller of the Currency\u00a0Brian P. Brooks:\r\n\u201cWhile governments in other countries have built real-time payments systems, the United States has relied on our innovation sector to deliver real-time payments technologies. Some of those technologies are built and managed by bank consortia, and some are based on independent node verification networks such as blockchains.\u201d\r\n\u201cThe President\u2019s Working Group on Financial Markets recently articulated a strong framework for ushering in an era of stablecoin-based financial infrastructure, identifying important risks while allowing those risks to be managed in a technology-agnostic way.\u201d\r\n\r\n\r\nHowever, there was not any other information about other cryptocurrencies such as Bitcoin. It seems that stablecoins are more favorable for OCC due to potential risks other digital currencies have.\r\n\r\nThe other reason for utilizing cryptocurrencies for bank transactions is the speed of the blockchain. The modern world required\u00a0modern solutions\u00a0for traditional operations. Using INVN will help banks to increase the speed, reliability, efficiency, and effectiveness. Blockchain-like technology will lower the errors and serve as a more secure and fast tool for the transaction.\r\n\r\nAlthough cryptocurrencies offer some advantages, OCC recommends banks to be careful while using stablecoins. New technologies need some expert employees to control and manage them. Also, banks need to be\u00a0cautious\u00a0with money laundering and financing terrorist activities.\r\n\r\n#coinsfera #cryptonews #cryptocurrency #buybitcoinistanbul #buybitcoindubai #buybitcoinkosovo #buybitcoinwithcash #sellbitcoinwithcash #buybitcoin #sellbitcoin\r\n\r\nDisclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.