On the back of constant price surges over the past week, it looked like Bitcoin, Ethereum. The rest of the market was finally seeing corrections on the charts. However, this did not last. Indeed, the largest crypto market rose after the Office of the Comptroller of the Currency of the US Treasury. An interpretive letter indicates that national banks will be allowed to operate independent nodes for distributed ledger networks.
A new possibility for banks
The news of the possibility for banks to connect directly to blockchains, gives blockchains the same status as global financial networks.
USDC registers 800% growth in 2020. Stablecoin recently hit the $ 4 billion mark in market cap. In fact, many have speculated that it may soon exceed USDT in the circulating supply. USDC regularly performs audits to prove its solvency. Unlike USDT, some argue that it may soon become more widely adopted when it catches up with Tether’s liquidity.
Without a doubt, the news is a boon for stablecoin issuers in the market. The same is true for ETH, the main crypto stablecoin settlement protocol. The world’s largest altcoin rises more than 12% after the letter was released.
However, the contents of the letter may have made the situation worse for XRP. Indeed, the cryptocurrency fell 65% in the weeks following the SEC accusing Ripple of illegal securities offerings.
Banks are now also inclined to run their own blockchain nodes. Which can completely eliminate the need for a bridge asset like XRP.
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