Can US community banks compete with crypto firms in stablecoins?

The Office of the Comptroller of the Currency is trying to persuade small US lenders to join the stablecoin industry by asking them publicly, in a statement released on Monday, to think about becoming a payment stablecoin issuer before the licensing framework takes effect. This is significant for community banks as they try to determine if they should be competing with the crypto companies. OCC’s pitch to small lenders As stated in its Monday statement on X , the OCC “encourages the development of payment stablecoin capability in the community banking industry.” In addition, the regulator advised small banks that an institution or its subsidiary may “consider applying for becoming, or a subsidiary for becoming, a permitted payment stablecoin issuer.” This call came in relation to the regulatory body’s final…

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Cryptopolitan.