Based on the information from explanatory letter letter from the U.S. Office of the Comptroller of the Currency, national banks will have the authorities to hold reserve currencies for stablecoins.
The new guidelines say, “We conclude that a national bank may hold such stablecoin ‘reserves’ as a service to bank customers.”
Moreover, Acting Comptroller of the Currency Brian Brooks mentioned that stablecoin services have already become the part of the most banks’ activities:
“National banks and federal savings associations currently engage in stablecoin related activities involving billions of dollars each day.”
The letter however specifies that this only concerns to stablecoins backed 1:1 with another currency, meaning that tokens dependent on “baskets” of currencies
Tether (USDT) is a famous example of a stablecoin connected to the U.S. dollar, using held in New York reserves.
Since the time when Brian Brooks, the former head of Coinbase’s legal department, became the acting head of the OCC in March, the office has launched widespread activities related to the role of crypto in U.S. banks.