Brian Moynihan stated on Tuesday that Bank of America was ready to introduce its own stablecoin once the regulations were passed.
Moynihan met with businessman David Rubenstein, a philanthropist, at The Economic Club Washington, D.C. predicted that the endeavor is only a matter of time—and the passing of pending legislation.
“It’s pretty clear that there’s going to be a stablecoin, which is going to be fully dollar-backed,” He was referring to the ongoing legislative activities on Capitol Hill. “If they make that legal, we will go into that business.”
Experts expect stablecoins to become a significant part of the U.S. market, which is worth $232 billion. Open up a world of players—tapping tokens pegged to the price of a fiat currency, such as the U.S. dollar, for new products and services.
Bank of America, the largest U.S.-based bank after JP Morgan. In its most recent report, the latest Release of earningsThe Wall Street giant accumulated assets totaling $3.26 billion.
Moynihan said that while President Donald Trump is trying to boost the entire industry, stablecoins are different from assets such as Bitcoins or Blockchains in general. He said stablecoins are similar to money-market funds and that they closely resembled bank accounts.
“The question of what it’s useful for is going to be interesting,” Moynihan said, referring to the bank's would-be stablecoin as “Bank of America Coin.”
Moynihan The following are some of the ways to get in touch with each other During an appearance CNBC's “Squawk Box” You can also find out more about us here. “the banking system will come in hard on the transactional side” If legislation is passed, stablecoins will be available. He said they would be widely used in payment.
For years, lawmakers have been debating what the legality of stablecoins issuers would look like. However, earlier this month Senate Banking Committee Chair Tim Scott (R – SC) Vow To get the regulatory framework for stablecoins approved within Trump’s 100-day tenure.
Then, you can: consternation PayPal and other payment companies, such as PayPal, are launching stablecoins without federal guidelines. In 2023, the firm launched its PYUSD-stablecoin. The following are some of the ways to get in touch with each other This week, the company announced that they want 20 million retailers to use its product in 2019.
JP Morgan is the largest rival of Bank of America. dabbled In the stablecoin sector since 2020. The firm, which pioneered the Onyx Blockchain, has also positioned “JPM Coin” Useful for international payments, cross-border transfers and other financial transactions.
James Rubin, Editor
