It is quite amazing to appreciate the foresight of the Syscoin development team had to not only focus on interoperability (Syscoin-Ethereum permissionless bridge), and level-2 masternodes providing scalability (zdag) in excess of 60K tps in realistic network conditions, and Bitcoin merged-mine security with currently the 2nd highest hashrate after BTC, about 26.23 EH now, but to be the first blockchain project to offer an on-chain compliance toolset, whereby issuers of tokens can enforce rules for compliance.This will come with Syscoin 4.2. to be released in Q1 2021.
Now, The Office of the Comptroller of the Currency (OCC), the bureau of the US Treasury Department in charge of regulating banks, just clarified that banks may use stablecoins based on blockchains to facilitate payments. The OCC stated that as long as law and sound banking practices are adhered to,
"..a national bank or federal savings association may validate, store, and record payments transactions by serving as a node on an INVN [independent node verification network]. Likewise, a bank may use INVNs and related stablecoins to carry out other permissible payment activities."
Not surprisingly, those promoting stablecoins are excited about this development, just have a look at the twitter account of Jeremy Allaire of USDC stablecoin.
Just about a month ago the separate bureau of the US Treasury, the Financial Crimes Enforcement Network (FinCEN), had proposed requiring money services businesses (banks and crypto exchanges), to report cryptocurrency transactions to private wallets if they meet a certain threshold which sent shivers to the crypto community. However, these are not necessarily competing views. As long as transactions are within a specified range, they would not require any reporting by US citizens. Just as is the case of traveller's cheques or other money instruments. And obviously, without trying to hurt anybody's feelings, the US is only one jurisdiction.
No wonder then that the entire family of TrustToken (TUSD, THKG, TCAD, etc.) recently announced that they will use the Syscoin blockchain, not only to reduce the high gas fees of Ethereum - follow this link for a live calculation, and to benefit from the high transaction speed necessary for millions of transactions, but to make sure that they can adhere to all regulations that are in development in the various countries, as the economy moves to distributed ledger and blockchain.
This is just a beginning! There are surely more stablecoins and other tokens to use Syscoin Platform as soon as 4.2. goes mainnet- or even earlier!
Not surprisingly, the market has already taken notice!
When people are exposed to Syscoin's amazing story of innovation they often ask why it is still relatively low in price compared to other projects that have only a fraction of development to show? Why are marketing efforts of Syscoin quite modest when compared to other projects? Because Syscoin price will rise with mainstream enterprise-level adoption as we anticipate millions of transactions that will take place on the Syscoin blockchain that will all require $SYS as gas fee - not by speculative hype! If you are looking for a project with proven innovation and resilience, then Syscoin deserves a closer look!
For those interested in the latest developments, please visit the official Syscoin Website at https://syscoin.org or join the Discord channel to chat at https://discord.gg/RkK2AXD . Support Wiki and Discussions can be found at https://support.syscoin.org
And finally, if you are looking for links to media, exchanges, masternode hosting providers, wallets, downloads, latest news, videos, news releases,
social media accounts and more, don't forget to visit https://syscoin.network/syslinks - a community website which is maintained by the author.
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