Central Bank in the United States Gets Permission to Hold Reserves for Stablecoin

News • 2020/09/22 • by
remitano

Banking regulators in the United States have the central banks the approval to offer services to cryptocurrency companies, focusing on firms involved in stablecoin activities. Based on a letter released on the 21st of September, central banks can now keep reserve currencies for stablecoin.

The statement explains that banks may hold reserves of stablecoin as a service to its clients and noted that banks are already involved in activities related to stablecoin worth a considerable amount.

Although the statement specifically pointed out that this is only applicable to stablecoin with equal ratio with another currency, an example is a tether pinned to the United States currency using reserves in New York. However, there are alleged reports claiming tether is recouping losses at bitfinex with these reserves.

Source: Cointelegraph

Comments (4)
Guest
freshprinx
6 years ago
World of altcoins are fast developing
visiblemoney
6 years ago
I think crypto has done well to finally convince US Fed reserve to move for the adoption of Stablecoin.
exodusab
6 years ago
By the time crypto is fully adopted in the US most of their prices would triple.
atikarani14
6 years ago
Good jobs 👍

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