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" ... The interpretive letter from the OCC applies only to stablecoins backed by fiat. The promise of stablecoins to function as general payment rails is stated up front. The giudance on deposits from stablecoin issuers only apply to hosted wallets. Hosted wallets are controlled by an identifiable third party, not the account holders themselves. The key word here is identifiable, which implies passing BSA (Banking Secrecy Act) controls, AML KYC and other regulations, including beneficial ownership checks. ... "