United Texas Bank CEO wants to 'limit the issuance of US dollar-backed stablecoins to banks'

United Texas Bank CEO claims to have the banks issuing stablecoins instead of crypto firms if the digital assets are considered money.

Scott Beck, chief executive officer of United Texas Bank, called on members of the state’s blockchain working group to recommend policy for leaving stablecoins to banks rather than crypto firms.

“If such stablecoins are defined to be ‘money’, banks are the proper economic actor to issue and manage stablecoins,” said Beck. “Banks have the expertise and legal framework for handling money, and unlike today’s stablecoin actors, banks are highly regulated at both the state and federal level.

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