OCC’s Hsu continues call for stablecoin standards

Acting Comptroller of the Currency Michael Hsu advocated for stablecoin technical standards today during an event focused on artificial intelligence and the economy.

“Well-designed standards can promote inclusive and responsible innovation,” Hsu said, using the technical foundations and work of standard-setting bodies created during the early days of the internet as an example of a similar process. “Stablecoins lack shared standards and are not interoperable. To ensure that stablecoins are open and inclusive, I believe a standard-setting initiative … needs to be established, with representatives not just from crypto/Web3 firms, but also including academics and government.”

Hsu said government agencies like the Commerce Department’s National Institute of Standards and Technology and the OCC should work together.

This is not the first time Hsu has pushed for stablecoin standardization. Earlier this month, he discussed establishing an “intentional architecture” for stablecoins that would focus on “stability, interoperability and separability,” and consider privacy, security and the need to prevent illicit finance.