Amazon Super Saver Sale | Upto 70% off on Appliances, Electronics, Fashion, Mobiles & many more...
Under Brooks’ leadership, the OCC began allowing banks to provide cryptocurrency custody services and store cryptographic keys in July 2020. And this January, the OCC first permitted banks to use stablecoins for payments.

Unlike traditional currencies, cryptocurrencies exist only as a shared digital record of ownership, stored on a blockchain. When a user wants to send cryptocurrency units to another user, they send it to that user’s digital wallet. The transaction isn’t considered final until it has been verified and added to the blockchain through a process called mining. This is also how new cryptocurrency tokens are usually created.
“Every single day, the concept that it could be worth something, it could be a store of value is being continually approved by more large, powerful entities,” Johnson says, pointing to established financial institutions holding digital currencies and large corporations adding them to their corporate balance sheets. “The idea that it’s actually worth something is continuing to grow as adoption and acceptance continues to grow as well.”