The Office of the Comptroller of the Currency (OCC) is now allowing U.S. banks to use stablecoins and serve as blockchain node operators.

What does it mean? Now a SWIFT transaction can take up to 2-3 days if you want to send money abroad but by using stable coins like USD Tether (USD-T), TrueUSD (TUSD), USD Coin, Diem, PAX, Americans will be able to send money almost instantly and at much lower costs. This will not only facilitate payment transactions for customers but offer banks the possibility to issue stable coins and exchange them for fiat money.

Stablecoins are cryptocurrencies baked by a collateral, usually the US dolar.

This is a huge step for the American financial and banking system although there are some issues with the stable coins since the Security and Exchange Commission may classify stable coins as securities and Tether and others might face a law suit with SEC and suffer the fate of Ripple.

The lack or incoherency of the legislation is putting a great pressure on the crypto world and authorities will have to do something since this is becoming a 1 trillion business soon and the adoption rate is becoming faster and faster.