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

The US Housing Department has discussed possibly using a stablecoin to fund grants and tracking it using blockchain, ProPublica reports.

The US Department of Housing and Urban Development is reportedly looking to experiment with using blockchain and a stablecoin for some of its functions.

The department, whose duties include overseeing social housing, has so far discussed the possibility of using blockchain to monitor grants, ProPublica reported on March 7, citing a meeting recording, documents and three officials familiar with the matter. 

Also discussed was the idea of experimenting with paying a HUD grantee using a stablecoin, which could first be tested in one of the department’s offices before being applied broadly across other offices.

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