- This is the first blockchain partner of the US Federal Reserve
- It allows you to convert dollars to stablecoins
- But the network will receive a number of restrictions
Metal Blockchain Team stated partnership with Fed’s instant payment service FedNow. Such integration will allow converting fiat to stablecoins and vice versa, and make payments through FedNow.
Metal Blockchain is a network developed on top of the Avalanche ecosystem. It is owned by the Metallicus team. The developer noted that the network will comply with the Bank Secrecy Law, as well as KYC and AML regulations.
The Metal Blockchain and FedNow integration will be built on a dedicated X-Chain subnet. This is a secure environment that will allow developers to implement specific rules for crypto transfers. For example, this subnet might work only with US citizens or set time limits and other settings.
So far, both parties have not specified what restrictions crypto payments will have under the supervision of the Fed.
Here is a comment from Metallicus CEO Marshall Hayner:
“The integration of Metal Blockchain and FedNow will help build interconnected banking payment chains. This means creating a large, secure blockchain ecosystem that does not depend on oracles. Banks will process payments and settle accounts while remaining inside the FedNow system.”
He added that the Metal Blockchain can also become an auxiliary platform in the implementation of the digital dollar.
The Fed is preparing to launch the FedNow system as early as July this year.
