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The US banking system is about to transition to blockchain technology.
A new report from Bank of America indicates the end of the "regulatory debate" phase and the beginning of actual implementation.
Key steps driving this transformation:
• Conditional approval from the Office of the Comptroller of the Currency (#OCC ) for banking licenses to five digital asset companies
• The upcoming Federal Deposit Insurance Corporation (FDIC) proposal regarding approval for bank stablecoins
• Federal Reserve collaboration on stablecoin capital and liquidity rules (Law #FDIC )
This marks the beginning of the traditional finance sector's transition to blockchain technology over many years.
J.P. Morgan and DBS are currently testing deposits tokenized across multiple blockchain networks, sparking heated debate:
Tokenized deposits versus stablecoins... which is better?
Bank of America emphasizes the need for banks to master blockchain technology now. Everything, from bonds to equities to cross-border payments, may soon be settled on the blockchain. 👀
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#GENIUS
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