Title

OCC Confirms that National Banks May Take Deposits that Serve as Reserves for Fiat-Pegged Stablecoins
Client Memorandum

Created date

9/23/2020

The OCC has issued an interpretive letter confirming that national banks may take deposits that serve as reserves for fiat currency-pegged stablecoins. The letter continues the series of actions taken or announced by Acting Comptroller Brian Brooks to clarify how traditional banking regulations apply to fintech activities—particularly when those activities involve core, traditional banking activities such as custody and deposit taking.