In an interpretive letter yesterday, the OCC verified that national banks and federal savings associations may use independent node verification networks, or INVNs, and stablecoins, to engage in and facilitate payment activities. An INVN consists of a shared electronic database where copies of the same information are stored on multiple computers—such as the distributed ledgers that are used to record cryptocurrency transactions.
According to the letter, banks may validate, store and record payments transactions by serving as a node on an INVN. Likewise, a bank may use INVNs and related stablecoins to carry out other permissible payment activities. The letter noted that banks should be aware of potential risks when conducting INVN-related activities and should develop and implement any new activities in accordance with sound risk management practices.