Kyle Hauptman, Vice Chairperson of the US NCUA, supports the development of cryptocurrencies and stablecoins

Kyle Hauptman, Vice Chairperson of the National Credit Union Administration (NCUA), recently expressed his support for cryptocurrencies and stablecoins in a speech. He stressed that while new technologies can have negative impacts, innovation is critical to the development of credit unions. Hauptman noted that all new technologies carry risks, just as the invention of the automobile brought about car crashes, but drove transportation changes. He also stated that although cryptocurrencies are believed to be associated with criminal activities in certain circles, the illegal use of cash is equally widespread. He particularly praised stablecoins for their ability to improve the antiquated payment system in the United States, especially in the Global Payment space. Hauptman's main goal is to ensure that credit unions can remain competitive and continuously evolve, avoiding obsolescence like Blockbuster.