Department of Housing and Urban Development Exploring Use of Blockchain and Stablecoins To Track Grants

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.