U.S. Department of Housing and Urban Development Discusses Use of Blockchain Stablecoins

The U.S. Department of Housing and Urban Development (HUD) is promoting a plan to use stablecoins and blockchain to track and distribute grants.
Using meeting recordings, documents and testimony from three people involved, the US investigative journalism firm ProPublica has uncovered evidence that HUD recently launched a blockchain-based
The meeting also discussed an experiment to pay HUD grant recipients in stablecoins.
The plan would be tested in certain departments first and then potentially expanded to other departments, two HUD officials said. Such a blockchain experiment could be the first to use cryptocurrencies at the federal level.
At a meeting last month, the Office of Community Planning and Development (CPD) said it was possible that the project could be a pilot project for the use of blockchain technology and a currency.
The CPD, which manages billions of dollars in grant funding for low-income housing and homelessness, discussed how it could use blockchain to track funds disbursed to the agency.
However, one participant in the meeting said, "The need for the project was not clearly explained," and a HUD official wrote in an internal memo, "The plan is dangerous, ineffective, and unnecessary.
Not only is it overly complicated, but the stablecoin distribution methodology could potentially introduce volatility."