Stablecoins, or digital assets pegged to the value of a more "stable" asset, should fall under a common standard given their lack of interoperability, according to a statement from Michael Hsu, chief of the Office of the Comptroller of the Currency ("OCC"). "To ensure that stablecoins are open and inclusive, I believe a standard setting initiative similar to that undertaken by IETF [Internet Engineering Task Force] and W3C [World Wide Web Consortium] needs to be established, with representatives not just from crypto/Web3 firms, but also including academics and government," Hsu said. In turn, the OCC, which has already engaged with exploring legislation for stablecoins, wants to collaborate with other government agencies like the National Institute of Standards and Technology. In February, the New York Federal Reserve made a case against stablecoins.