Stablecoin Design Standards

Recently, Acting Comptroller of the Currency Michael J. Hsu said this:

“Stablecoins lack shared standards and are not interoperable. To ensure that stablecoins are open and inclusive, I believe a standard setting initiative similar to that undertaken by IETF and W3C needs to be established, with representatives not just from crypto/Web3 firms, but also including academics and government. My conversation today with Deputy Secretary Graves underscored that need and reflected the willingness of governmental bodies like NIST and the OCC to engage in such efforts.”

This is what I was pointing at last year in a Be In Crypto article:

“I propose the creation of a Bureau of Monetary Technology within the U.S. Treasury Department by drawing on existing experts within the department….[T]his new bureau would have the responsibility of setting minimum design requirements for a stablecoin to provide security and functionality and spearhead stablecoin development.

In addition, stablecoin issuers would have to meet these criteria for their tokens to be approved for issuance. The Bureau of Monetary Technology would become the expert in e-money and cryptocurrency, sharing its knowledge with other parts of the Treasury.”

Coincidence? Yes, probably.