This article was first published on Metal Blog
In recent days, the Office of the Comptroller of the Currency (OCC), a bureau within the US Department of the Treasury that oversees banks, has issued new guidance that affects most financial institutions.
Banks are now encouraged to adopt new technologies by integrating them into their current systems with the use of stablecoins, and to run their own nodes on public blockchains such as Bitcoin, Ethereum, and Proton.
No single institution or oligopoly will own the next generation of payments network. Instead, hundreds of protocols will interact together; the bridges between them are already being built by innovators and entrepreneurs right now.
In the wake of the new guidance from the OCC, banks can now:
- Issue their own stablecoins pegged to major world currencies.
- Allow their customer to access 24/7 payment networks with hyper low fees and high transaction speeds through blockchain technology.
- Offer access to a new trillion-dollar asset class, and even post transactions on networks, from their own secure network node.
- Foregin Exchange and remittance payments can be conducted via blockchain networks, drastically slashing fees and wait times associated with legacy networks.
This is a landmark moment for the global economy; for the first time ever, traditional finance (TradFi) and decentralized finance (DeFi) can become interwoven with each other with the full blessing of the United States government. To facilitate this transition, we have sent a letter to various banking institutions around the country outlining how Proton can help. We are sending this information to banks in the US and plan to schedule educational sessions with them to determine how to help them implement Proton.
The banks do not need to reinvent the wheel or start from scratch. Banks can offer these services right away by leveraging over a decade of advancement in blockchain and ...
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