Fiat Freeway: The OCC addresses the use of Stablecoins for Payment Activities

Last week, ‘Fiat Freeway’ explored GMO-Z.com Trust Company Inc.’s trust charter approval from the New York State Department of Financial Services (NYDFS). Our piece concluded with a review of a recent FEDS Note on the tokens vs. accounts classification of digital assets, particularly CBDCs.

We’ve also previously covered Visa’s novel offline payment system (OPS) protocol for CBDC, Paxos’ $142M Series C fundraising, FinCEN’s proposed KYC rule for digital wallets, digital asset firms seeking banking licenses, digital asset industry backlash from Capitol Hill, China’s Digital Currency Electronic Payment (DC/EP), the ECB’s ‘digital euro’ initiative, the Fed’s classification of CBDC literature, Norges Bank’s study on CBDC ‘Safe Asset’ Funding, an ECB Board Member’s stablecoin speech, Circle’s blog post on using stablecoins for US foreign policy, and a BIS paper on “rigid stablecoins.”