US Department of Housing considers crypto and blockchain usage: ProPublica
Quick Take
- The Department of Housing and Urban Development has held meetings to discuss the possibility of using crypto and blockchain in some of its operations, ProPublica reported.
- Such an experiment could serve as a trial run for broader crypto adoption across the federal government, two officials told the publication.
The U.S. Department of Housing and Urban Development is considering adopting cryptocurrency and blockchain in some of its operations, ProPublica reported, citing sources familiar with the matter.
The HUD has held meetings to discuss the possibility of using blockchain to monitor HUD grants, according to ProPublica's Friday report. Two officials, who requested anonymity, told the publication that such an experiment may serve as a trial run for crypto adoption across the federal government.
The report said that the HUD discussions also covered the potential use of a stablecoin, but it didn't provide more details on which stablecoin or blockchain was being discussed. One potential proposal could be paying HUD grantees in crypto, some sources indicated to ProPublica, though a HUD spokesperson said the department has no plans for blockchain or stablecoin.
"HUD has no plan for the use or implementation of any cryptocurrency, blockchain, stablecoin, etc. There is no merit to any report stating otherwise," a HUD spokesperson told The Block.
The HUD's discussions surrounding crypto and blockchain adoption align with U.S. President Donald Trump's pledge to make the country the "crypto capital of the world." Last week, Trump signed an executive order to establish the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile.
At a White House inaugural crypto summit on Friday, Trump said that he hoped to have stablecoin legislation on his desk by August and end crypto debanking.
Update: Added comment from the HUD spokesperson
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