Tassat-Enabled Bank-Issued Stablecoins Are Backed One-to-One by U.S. Dollars and Qualify as FDIC-Insured Deposits
NEW YORK–(BUSINESS WIRE)–#FSOC–Ron Totaro, CEO of Tassat Group Inc., whose TassatPay™ blockchain-based B2B payment platform enables bank-issued stablecoins, offered comments on the recommendations on stablecoins by the President’s Working Group on Financial Markets and federal financial regulators:
- “We applaud the recommendations of the President’s Working Group and regulators. Their recommendations are consistent with our long-held belief that bank-issued stablecoins which operate within the existing U.S. regulatory infrastructure offer the best means of delivering the efficiency and effectiveness of blockchain-based solutions to U.S. banks and their customers.
- “We agree that stablecoins should be issued only by banks that are state and federally chartered, covered by FDIC deposit insurance and subject to existing and evolving regulations.
- “Bank-issued stablecoins can further de-risk the U.S. financial system because they are backed 1:1 by U.S. dollars in FDIC-insured demand deposit accounts.
- “It is critical to ensure that appropriate risk-management standards are met, while creating, promoting and adopting standards for interoperability with all necessary parties. This should be done within a permission-based network that reduces operating and settlement risks.
- “Our goal is a safe, secure and efficient digital payments system while promoting innovation that can benefit all Americans. We look forward to engaging in a continuing dialogue with the banking community, regulators and other stakeholders to support faster, efficient and more inclusive payment options.”
Attribution: Ron Totaro, Chief Executive Officer, Tassat Group Inc.
TassatPay™ is the only blockchain-based, real-time payment platform fully deployed within the US banking system. It enables banks to provide their B2B customers with the ability to deliver real-time secure payments 24/7/365, not only within each bank but also across banks participating on the network. The stablecoins are backed one-to-one by U.S. dollars and qualify as FDIC-insured deposits.
About Tassat Group
Tassat was founded in 2018, and its TassatPay™ Platform was the first solution to be reviewed by banks regulated by the Office of the Controller of the Currency, the Federal Deposit Insurance Corporation and the New York State Department of Financial Services. Tassat was recently honored with a 2021 Google Cloud Customer Award for innovation in financial services. For more information, visit us on the web at www.tassatpay.com, on Twitter or on LinkedIn.
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