The Office of the Comptroller of the Currency (OCC) has released new guidance for national banks and federal savings associations. These institutions can now use independent node verification networks (i.e. blockchain infrastructure) and stablecoins to conduct payment activities. With the OCC granting banks this new ability for payments, it could assist in solving the first and last mile problems for payment entities looking to utilize blockchain infrastructure and cryptocurrencies for cross-border remittances. Please see the link below for the official guidance from the OCC:

https://www.thedefistandard.com/wp-content/uploads/2021/01/OCC-INVN-Guidance.pdf

Release Date: 1/4/2021

Authored By: Jonathan V. Gould – Senior Deputy Comptroller & Chief Counsel