The US Acting Comptroller of the Currency Mr Michael J. Hsu, giving the remarks on Institute of International Economic Law at Georgetown University Law Center revealed some of the ideas on possible stablecoin architecture and possibilities of the US central bank digital currency.
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that serves to charter, regulate, and supervise all national banks and thrift institutions.
Mr Hsu mentioned that in the context of crypto and digital assets, the central issue is: ‘What will serve as the base currency for trade and finance in a blockchain-based digital economy?
In his words ‘…the rise of Web3 and a blockchain-based digital economy are not inevitable. Several observers have made thoughtful and credible arguments questioning the value proposition and long-term sustainability of cryptocurrencies and Web3’. Anyhow, he pointed out that it is “important to bear in mind that fiat currencies, like the dollar, cannot be put “on chain.” By contrast, stablecoins, by design, only exist on chain—i.e., they are “blockchain native”—which gives them a significant advantage over fiat currencies in terms of functioning as money in blockchain-based ecosystems”
Mr Hsu also mentioned the issue of cybercrime related to digital asset, stating that ‘cryptocurrency theft reached $3.2 billion in 2021 – an increase of 516% from the year before’
You can read the full statement at this link