Acting OCC Chief: Stablecoins Need Common Standard

[Mic Drop]

Michael Hsu, acting chief of the Office of the Comptroller of the Currency (OCC), states that companies which issue stablecoins should come up with a common technical standard, comparable to what was done in the early days of the internet. He believes that stablecoins currently lack inter-operability and need shared standards.

Hsu at a symposium in Washington, D.C stated,

“To ensure that stablecoins are open and inclusive, I believe a standard-setting initiative similar to that undertaken by [the Internet Engineering Task Force] and [World Wide Web Consortium] needs to be established, with representatives, not just from crypto/Web 3 firms but also including academics and government,”

As a part of such an initiative, he stated that the OCC is willing to work with other government offices such as the National Institute of Standards and Technology on the matter.

https://www.coindesk.com/policy/2022/04/27/stablecoins-need-standard-setting-effort-us-banking-watchdog-suggests/ .