US Treasury Tests Blockchain-Based Platform and Tokens

The US Treasury is nearing the completion of a proof of concept program that would track the letter of credit for recipients of financial grants.

Program manager Craig Fischer says the US Treasury Department tested blockchain-based platform to monitor grant payouts.

According to THE DAILY HODL, The blockchain-based program tokenizes letters of credit which are transferred to grantees through peer-to-peer transactions, reports FCW. The process enables the Treasury Department to monitor the release of grant payouts from the government’s purse to qualified recipients. The tokens also store pertinent data including grant amount and grantee information. To securely receive the grant money, recipients would have an electronic wallet that’s linked to a bank account.

The new US Treasury platform is a private system, as opposed to a decentralized open network that can be viewed by the public, and Fischer says,

“This isn’t the Bitcoin network where everything is visible to everyone.”

This article is not intended to be financial advice. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Crypto Block does not provide investment, tax, legal, or accounting advice. As always, do your due diligence before investing, and never invest more than you can afford to lose.

Photo credit:

4 views0 comments

Recent Posts

See All
  • Facebook
  • LinkedIn - Grey Circle
  • Instagram
  • YouTube

© CryptoBlock 2017 
A Certified Crypto-Asset Professionals LLC Subsidiary


The CRYPTO BLOCK sites are not intended to provide legal, tax, investment or insurance advice. 

Rewards are never guaranteed. Any charts or simulations are for informational purposes only and do not constitute predictions about future rewards.  

Rewards from CRYPTO BLOCK directly, require compliance with CRYPTO BLOCK Know-Your-Customer policies. 

CRYPTO BLOCK facilitates trades as independent contractors. 


The CRYPTO BLOCK sites are protected by applicable copyright laws. Accordingly, you may not copy, distribute, modify, post or frame-in the CRYPTO BLOCK sites, including any text, graphics, video, audio, software code, user interface design or logos.