Source: Cointelegraph Original: "{title}"

According to reports, the U.S. Department of Housing and Urban Development (HUD) is attempting to use blockchain and stablecoins to achieve some of its functions.

ProPublica, on March 7, cited meeting records, documents, and three informed officials stating that the department's responsibilities include overseeing social housing and has so far discussed the possibility of using blockchain to monitor grants.

At the same time, it has also explored the idea of using stablecoins to make payments to HUD beneficiaries. This plan could first be piloted in one of the department's offices before being expanded to others.

The HUD, led by Scott Turner, who was appointed by Trump, is also involved in Musk's cost-cutting initiatives. Source: Turner’s Secretary's Office

Two officials interviewed by ProPublica expressed that they believe HUD's blockchain experiment could serve as a pilot for the federal government's broader use of cryptocurrency and blockchain technology.

A meeting last month discussed a project led by the Community Planning and Development Office (CPD), which oversees billions of dollars in grants, aimed at tracking the flow of funds to specific grant recipients through blockchain technology. These grants are primarily used to support affordable housing construction and the operation of homeless shelters.

One participant later stated that the necessity of the project "was not adequately articulated," while a HUD official criticized the plan in an internal memo as "dangerous and inefficient." The official added that the project is both redundant and overly complex, and that stablecoin payments could lead to volatility.

In subsequent meetings, HUD staff's evaluations were mixed. Some believed the blockchain project might involve using cryptocurrency to make payments to beneficiaries, while one official suggested that "stable currency" could be used instead. Another financial officer stated that blockchain would be implemented throughout the agency, starting with the Community Planning and Development Office.

However, a HUD spokesperson told ProPublica, "The department has no plans regarding blockchain or stablecoins. Education does not equal implementation."

President Trump has shown a strong interest in the cryptocurrency industry, and HUD's experiment aligns with the views of his cost-cutting advisor, Musk. Reportedly, Musk supports the use of blockchain to curb federal spending.

Meanwhile, U.S. Treasury Secretary Scott Bessent stated at the White House cryptocurrency summit on March 7 that the government will "think deeply about the stablecoin system" to "ensure the dollar maintains its status as the world's dominant reserve currency."

Related: Analysts say the dollar's plunge fuels the Bitcoin bull market, but other indicators raise concerns.

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