Department of Housing and Urban Development Exploring Use of Blockchain and Stablecoins To Track Grants: Report
The U.S. Department of Housing and Urban Development (HUD) is reportedly mulling over the use of blockchain technology and stablecoins.
ProPublica, citing a meeting recording, “three officials familiar with the matter” and other reviewed materials, reports that the executive department is considering using blockchain technology to track HUD grants.
Irving Dennis, HUD’s 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.
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.
HUD has also reportedly explored the use of stablecoins. The blockchain and stablecoin discussions have generated some concern at the executive department.
Said one HUD official to ProPublica,
“I don’t see any way this will help anything. I see a lot of ways this could hurt.”
Elon Musk, who heads President Donald Trump’s new Department of Government Efficiency (DOGE), has reportedly looked into leveraging blockchain technology to slash government expenses, monitor federal outlays, shield US data against bad actors, process payments and manage properties.
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