The US Office of the Comptroller of the Currency has stated that the effect of stablecoin issuance on community bank deposits remains uncertain. Despite this uncertainty, the agency is urging community banks to evaluate whether they should become permitted issuers of payment stablecoins.
The OCC noted that applications for the permits are not yet open and that new issuers generally require regulatory approval before they can launch. The guidance comes as the agency monitors deposit concerns across the community banking sector.