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OCC Greenlights Bank Stablecoins: Opens TAM of ~200B Annual Public Blockchain Transactions = Good For Crypto

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Yesterday afternoon, the U.S. Office of the Comptroller of the Currency (OCC) issued interpretive guidance clarifying that federally chartered banks may participate in independent node verification networks (INVN i.e., public blockchains/crypto networks) and use stablecoins for payment activities. Bitcoin and crypto prices have fallen modestly since the news. While some may be tempted to view the possibility of banks entering the blockchain space as a competitive threat for crypto valuations, we do not hold that view. We see the news as a long term positive for the crypto industry but think it could create other financial sector winners and losers.

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