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Imagine if the government started using blockchain to track money and use stablecoins for payments. That’s exactly what According to reports, the US Department of Housing and Urban Development wants to try using blockchain and a stablecoin for some of its tasks.
A known crypto news website reported on March 7 that the department, whose job it is to oversee social housing, has talked about using blockchain to keep an eye on grants. They based their report on a meeting recording, documents, and interviews with two officials who are familiar with the matter.
Another idea discussed was paying a HUD grantee a stablecoin. First, this will be tested in one department office. Then, it may be used widely in other offices.
Three government officials told a known crypto news website that they think the HUD blockchain test could be a test run for the whole federal government using crypto and blockchain.
The Community Planning and Development office plans to use blockchain to track billions of dollars in grants. These grants support affordable housing and shelters for the homeless. This idea was discussed in a meeting last month.
Later, one meeting attendee wrote that the project’s need was “not well articulated.” In a staff memo, a HUD official called the plan “dangerous and inefficient.” They also said it wasn’t needed, it was hard to understand, and stablecoin payments would make things more unstable.
At a follow-up meeting, HUD employees had a more mixed opinion. Some said that the blockchain project could pay grantees with cryptocurrency. But another official said it could be done with a “stable currency. Another finance official said that blockchain would be implemented across the agency, beginning in the CPD.
A well-known Bitcoin news website asked HUD about their intentions on blockchain and stablecoins, but the agency answered they had no such ideas yet. The implementation is not education.
The alleged HUD experiment reflects the ideas of Elon Musk and supports using blockchain to reduce government spending, as President Trump has been a strong advocate for the cryptocurrency sector.
At the White House Crypto Summit on March 7, US Treasury Secretary Scott Bessent said the government will “put a lot of thought into the stablecoin regime.” He said this will help “keep the US [dollar] the dominant reserve currency in the world.”
If the experiment works, it may change how the government tracks and shares funds. This can make payments faster and clearer. Nevertheless, at this point in time, it is merely a discussion, and there has been no official decision made.
