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The U.S. Department of Housing and Urban Development (HUD) is reportedly mulling over the use of blockchain technology and stablecoins.<\/p>\n
ProPublica, citing a meeting recording, \u201cthree officials familiar with the matter\u201d and other reviewed materials, reports<\/a> that the executive department is considering using blockchain technology to track HUD grants.<\/p>\n Irving Dennis, HUD\u2019s principal deputy chief financial officer, has reportedly been driving the blockchain conversation, according to one unnamed official at the department, though Dennis denied that idea to ProPublica.<\/p>\n Dennis previously worked as a partner at the accounting giant EY, which reportedly sent an executive to discuss the blockchain idea with HUD officials earlier this year. EY confirmed that discussions took place, according to ProPublica.<\/p>\n HUD has also reportedly explored the use of stablecoins. The blockchain and stablecoin discussions have generated some concern at the executive department.<\/p>\n Said one HUD official to ProPublica,<\/p>\n \u201cI don\u2019t see any way this will help anything. I see a lot of ways this could hurt.\u201d<\/em><\/p>\n Elon Musk, who heads President Donald Trump\u2019s new Department of Government Efficiency (DOGE), has reportedly looked into<\/a> leveraging blockchain technology to slash government expenses, monitor federal outlays, shield US data against bad actors, process payments and manage properties.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n
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