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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
April 28, 2022
Acting Comptroller of the Currency Michael Hsu issued a statement calling for a joint effort to develop standards for stablecoin interoperability.
Hsu Statement: Citing the bodies that established standards for the internet, Hsu said a standard-setting initiative with representatives from industry, academia, and government would help ensure stablecoins are open and inclusive.
Previous Remarks: Hsu earlier this month identified interoperability, stability, and separability as three policy issues critical to shaping the stablecoin system. In that speech, he said interoperability within stablecoins on multiple chains and across stablecoins is likely to become a bigger issue as they come to be used for payments.
Calls for Coordination: Hsu’s statement follows a speech earlier this week from European Central Bank Executive Board member Fabio Panetta calling on global regulators to work together on comprehensive crypto regulation. Treasury Secretary Janet Yellen previously gave a speech on the need for a coordinated policy response to digital assets, which reflected many of ICBA’s core crypto priorities.
More: Recent ICBA blog posts provide the latest on stablecoin market developments and how Washington is responding. ICBA also offers a summary of the president’s executive order on digital assets.