Interpretations and Actions: March 2025

Vol. 38, No.3

Interpretive Letters

Letter No.	Topic
1183	Letter reaffirms that crypto-asset custody, holding deposits that serve as reserves backing stablecoins, and the use of distributed ledger technology and stablecoins to facilitate permissible payments activities are permissible for national banks and federal savings associations. It also rescinds Interpretive letter 1179, which outlined a supervisory non-objection process for the activities addressed in Interpretive Letters 1170, 1172 and 1174. Interpretive Letters 1170, 1172 and 1174 remain in effect. (3/7/2025)

Letter No.

Topic

Letter reaffirms that crypto-asset custody, holding deposits that serve as reserves backing stablecoins, and the use of distributed ledger technology and stablecoins to facilitate permissible payments activities are permissible for national banks and federal savings associations. It also rescinds Interpretive letter 1179, which outlined a supervisory non-objection process for the activities addressed in Interpretive Letters 1170, 1172 and 1174. Interpretive Letters 1170, 1172 and 1174 remain in effect. (3/7/2025)