US housing dept mulls blockchain, stablecoin to pay and monitor grants: Report

The US Department of Housing and Urban Development is reportedly looking to experimentation with utilizing blockchain and a stablecoin for immoderate of its functions.

The department, whose duties see overseeing societal housing, has truthful acold discussed the anticipation of utilizing blockchain to show grants, ProPublica reported connected March 7, citing a gathering recording, documents and 3 officials acquainted with the matter. 

Also discussed was the thought of experimenting with paying a HUD grantee utilizing a stablecoin, which could archetypal beryllium tested successful 1 of the department’s offices earlier being applied broadly crossed different offices.

HUD, headed by Trump prime Scott Turner, has besides been wrapped up successful Musk’s cost-cutting blitz. Source: Secretary Turner Press Office

Two officials told ProPublica they judge the HUD blockchain experimentation could beryllium a proceedings tally for the usage of crypto and blockchain crossed the national government.

A gathering past period discussed a task wherever the Community Planning and Development office, which oversees billions of dollars successful grants that enactment affordable lodging and stateless shelters, would way funds to 1 grantee connected the blockchain.

One gathering attendee aboriginal wrote the request for the task was “not good articulated,” and a HUD authoritative slammed the program successful a unit memo arsenic “dangerous and inefficient.” They added it was unnecessary and analyzable and that stablecoin payments would add volatility.

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At a follow-up meeting, HUD staffers had a much mixed review, with immoderate saying the blockchain task could impact paying grantees with crypto and 1 authoritative saying it could beryllium done with “a unchangeable currency.” Another concern authoritative said blockchain would beryllium implemented crossed the agency, starting successful the CPD.

However, a HUD spokesperson told ProPublica that “the section has nary plans for blockchain oregon stablecoin. Education is not implementation.”

President Donald Trump has intimately embraced the crypto industry, and the reported HUD experimentation mimics the ideas of his cost-cutting czar Elon Musk, who supports utilizing blockchain successful a bid to curb national spending.

Meanwhile, US Treasury Secretary Scott Bessent said astatine the White House Crypto Summit connected March 7 that the authorities would ”put a batch of thought into the stablecoin regime” successful a bid to “keep the US [dollar] the ascendant reserve currency successful the world.”

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