• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Wednesday, March 22, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

What are the implications of OCC’s letter for USDC, XRP?

5 January 2021
in XRP
Reading Time: 2 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT


Cryptohopper
ADVERTISEMENT

On the back of consistent price surges over the last week, it seemed that Bitcoin, Ethereum, and the rest of the market were finally registering some corrections on the charts. However, that wasn’t to last as the larger crypto-market hiked after the U.S Treasury’s Office of the Comptroller of the Currency (OCC) issued an interpretive letter that stated that national banks will be allowed to run independent nodes for distributed ledger networks.

2/ The letter states that blockchains have the same status as other global financial networks, such as SWIFT, ACH, and FedWire.

This is a giant advance for crypto because it paves the way for these networks to be a formal part of the US financial infrastructure.

— Blockchain Association (@BlockchainAssn) January 4, 2021

The news of banks being able to connect directly with blockchains, giving blockchains the same status as global financial networks such as SWIFT and Fedwire, was celebrated by almost everyone in the community, particularly stablecoin issuers such as USDC, with Circle CEO Jeremy Allaire stating.

“This is a huge win for crypto and stablecoins.”

Allaire added,

“We are on a path towards all major economic activity being executed on-chain. It is tremendous to see such forward thinking support from the largest regulator of national banks in the United States.”

USDC registered a growth of 800% in 2020, with the stablecoin having hit the $4 billion mark in market cap recently. In fact, many have posited that it may soon overtake USDT in circulating supply. Given the fact that USDC performs regular audits to prove its solvency, as opposed to USDT, some argue that it may soon become more widely adopted when it catches up with Tether’s liquidity.

Undoubtedly, the news was a boon for the market’s stablecoin issuers, as well as ETH, crypto’s primary stablecoin settlement protocol, with the world’s largest altcoin climbing by over 12% following the release of the letter.

However, the letter’s contents may have made a bad situation worse for XRP, especially since the cryptocurrency has fallen by 65% in the weeks after the SEC charged Ripple for illegal securities offerings.

In fact, Ripple CTO David Schwartz has stated on numerous occasions that XRP is an ideal “bridge asset” between stablecoins and CBDCs. However, the OCC’s letter now informs that banks must treat open-source blockchains the same way they treat SWIFT, ACH, and FedWire.

Banks are now also inclined to run their own blockchain nodes and become validators, something that may eliminate the need for a bridge asset such as XRP altogether.





Source link

Related articles

XRP Surges to Strongest Point Since November – Market Updates Bitcoin News

XRP Surges to Strongest Point Since November – Market Updates Bitcoin News

22 March 2023
XRP Lawyer Warns Of More Anti-Bitcoin Talk Amid Xi Putin Meet

XRP Lawyer Warns Of More Anti-Bitcoin Talk Amid Xi Putin Meet

22 March 2023
[crypto-donation-box]
Tags: implicationsLetterOCCsUSDCXRP
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Bitcoin’s Bullish Setup to Send Ethereum to $2,000, Asserts Analyst

Next Post

Cryptocurrency news at OctaFX Trading upgrades and new entries BCH amp XRP -ANI

Related Posts

XRP Surges to Strongest Point Since November – Market Updates Bitcoin News

XRP Surges to Strongest Point Since November – Market Updates Bitcoin News

22 March 2023
0

Xrp moved to its highest point since November, as markets reacted to news suggesting a verdict could be near in...

XRP Lawyer Warns Of More Anti-Bitcoin Talk Amid Xi Putin Meet

XRP Lawyer Warns Of More Anti-Bitcoin Talk Amid Xi Putin Meet

22 March 2023
0

Amid Chinese President Xi Jinping’s visit to Russia, speculation is rife about the international payments system. As the banking crisis...

AI predicts XRP price for Easter 2023

AI predicts XRP price for Easter 2023

22 March 2023
0

The price of XRP has diverged significantly from that of the overall cryptocurrency market, with the token finding further positive...

XRP cryptocurrency jumps as investors hope Ripple will win SEC case

XRP cryptocurrency jumps as investors hope Ripple will win SEC case

22 March 2023
0

XRP, a cryptocurrency that is closely associated with Ripple, surged over 11% on Wednesday as investors grew hopeful the firm...

XRP Holders to Receive Airdrop From This Singaporean Exchange: Details

XRP Holders to Receive Airdrop From This Singaporean Exchange: Details

22 March 2023
0

Read U.TODAY on Google News Singapore-based crypto exchange Bitrue has announced an upcoming airdrop for XRP users. In a recent...

Load More
Next Post

Cryptocurrency news at OctaFX Trading upgrades and new entries BCH amp XRP -ANI

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Shiba Inu: New listing of SHIB by Japanese crypto exchange, 4,600% burn rate increase, launch of Shibarium and the metaverse
  • States debate whether to restrict—or invite—crypto mining
  • Barcelona player is the star of TOTW 21 in FIFA 23 Ultimate Team

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$27,344.00-3.14%
  • ethereumEthereum(ETH)$1,732.97-3.95%
  • tetherTether(USDT)$1.010.06%
  • binancecoinBNB(BNB)$322.72-4.61%
  • usd-coinUSD Coin(USDC)$1.010.12%
  • rippleXRP(XRP)$0.424981-10.39%
  • cardanoCardano(ADA)$0.359320-3.82%
  • dogecoinDogecoin(DOGE)$0.074498-3.58%
  • staked-etherLido Staked Ether(STETH)$1,730.68-3.94%
  • matic-networkPolygon(MATIC)$1.11-3.57%
  • solanaSolana(SOL)$21.40-5.95%
  • binance-usdBinance USD(BUSD)$1.00-0.06%
  • polkadotPolkadot(DOT)$6.06-5.34%
  • litecoinLitecoin(LTC)$86.714.82%
  • shiba-inuShiba Inu(SHIB)$0.000011-3.65%
  • tronTRON(TRX)$0.059850-11.60%
  • avalanche-2Avalanche(AVAX)$16.73-4.54%
  • daiDai(DAI)$1.000.00%
  • uniswapUniswap(UNI)$6.08-5.75%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,410.00-2.75%
  • ToncoinToncoin(TON)$2.40-0.37%
  • chainlinkChainlink(LINK)$7.10-4.43%
  • cosmosCosmos Hub(ATOM)$11.31-5.32%
  • leo-tokenLEO Token(LEO)$3.38-2.66%
  • ethereum-classicEthereum Classic(ETC)$20.06-4.08%
  • moneroMonero(XMR)$149.42-1.70%
  • okbOKB(OKB)$44.81-1.23%
  • bitcoin-cashBitcoin Cash(BCH)$125.93-6.25%
  • stellarStellar(XLM)$0.090851-6.11%
  • filecoinFilecoin(FIL)$5.59-6.13%
  • AptosAptos(APT)$12.653.26%
  • true-usdTrueUSD(TUSD)$1.010.11%
  • lido-daoLido DAO(LDO)$2.35-2.45%
  • hedera-hashgraphHedera(HBAR)$0.061295-4.03%
  • quant-networkQuant(QNT)$124.70-4.74%
  • crypto-com-chainCronos(CRO)$0.068541-4.25%
  • nearNEAR Protocol(NEAR)$1.94-6.33%
  • vechainVeChain(VET)$0.022725-5.08%
  • blockstackStacks(STX)$1.163.15%
  • algorandAlgorand(ALGO)$0.216353-2.90%
  • internet-computerInternet Computer(ICP)$5.04-4.61%
  • apecoinApeCoin(APE)$3.97-3.70%
  • fantomFantom(FTM)$0.469782-2.31%
  • the-graphThe Graph(GRT)$0.142527-5.98%
  • eosEOS(EOS)$1.10-7.63%
  • the-sandboxThe Sandbox(SAND)$0.64-5.96%
  • immutable-xImmutableX(IMX)$1.23-2.27%
  • aaveAave(AAVE)$74.52-5.41%
  • decentralandDecentraland(MANA)$0.58-5.93%
  • elrond-erd-2MultiversX(EGLD)$42.06-5.39%