Statement by the Acting Comptroller of the Currency on the Report on Stablecoins — 2021-11-01

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement on release of the Report on Stablecoins by the President's Working Group on Financial Markets, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency: I want to thank Secretary Yellen for the opportunity to work with the PWG and FDIC on the critically important issue of stablecoins. The rapid growth of stablecoins as an innovative and unregulated means to engage in speculative digital asset trading, lending and borrowing is in equal measures awe-inspiring and unsettling. While the salient risks may be mostly trading-related today, tomorrow the risks will be much broader than that and it behooves us as regulators to be strategic in how we approach this and think ahead. I fully support the recommendations in today's paper. Stablecoins need federal prudential supervision to grow and evolve safely.