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

Quick Summary:

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.

Related: Trump turned crypto from ‘oppressed industry’ to ‘centerpiece’ of US strategyAt a follow-up meeting, HUD staffers had a more mixed review, with some saying the blockchain project could involve paying grantees with crypto and one official saying it could be done with “a stable currency.” Another finance official said blockchain would be implemented across the agency, starting in the CPD.

Education is not implementation.”President Donald Trump has closely embraced the crypto industry, and the reported HUD experiment mimics the ideas of his cost-cutting czar Elon Musk, who supports using blockchain in a bid to curb federal spending.

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Article Details

Author / Journalist: Cointelegraph by Jesse Coghlan

Category: Crypto

Markets: United States

Topics: Crypto Grants Experiment Meeting Department Stablecoin Propublica Blockchain Discussed Housing Using

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-10 @ 03:25:21 (1 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 405 words

Reading Time: 3 minutes read

Sentences: 14 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 26832986

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