United Texas Bank CEO wants to 'limit the issuance of US dollar-backed stablecoins to banks'
Cointelegraph
Published Aug 19, 2022 05:19PM ET
Updated Aug 19, 2022 07:00PM ET
Scott Beck, chief executive officer of United Texas Bank, called on members of the state’s blockchain working group to recommend policy for leaving stablecoins to banks rather than crypto firms.
Speaking before the Texas Work Group on Blockchain Matters in Austin on Friday, Beck suggested limiting the issuance of U.S. dollar-backed stablecoins to licensed banks rather than issuers like Circle. The United Texas Bank CEO cited a November report from the President’s Working Group on Financial Markets, in which the group said stablecoin issuers should be held to the same standards as insured depository institutions including state and federally chartered banks.
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Written By: Cointelegraph
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