Bank of America May Launch Stablecoin, Claims CEO
Bank of America CEO Brian Moynihan said the company is considering launching its own Stablecoin. The company expects the U.S. to conduct comprehensive new Stablecoin regulations in the U.S., which will give it a great opportunity.
Moynihan noted that his company was the first major bank to launch its own mobile app along with other technological innovations. Stable adoption may have similar transformative implications.
Bank of America’s Stablecoin Dream
Stable adjustment It’s all the rage now. this CFTC attempts to launch pilot programThe two parties’ Congress efforts are Left off. Fed chair Jerome Powell also considers a new framework Focus.
Since writing is already on the wall, Bank of America is also looking for it emission Its own Stablecoin.
“It’s obvious that there will be a stable person. If they legalize that, we’re going to start doing this business,” said Brian Moynihan, CEO of Bank of America.
Stablecoins is An integral part of the crypto industry. It makes sense for Bank of America to want to join the space. This market is very competitivebut the company has enough resources to achieve strong participation.
In addition, Bank of America has Stay interested in space several years. Therefore, the agency will be ready to take advantage of regulatory changes.
Moynihan made these comments at the Economic Club in Washington, D.C. and linked his position to some milestones in the company’s history.
If Bank of America is the first major bank to launch a mobile app, then think it is the first to launch a stable bank? He acknowledged that new technologies have had a transformative impact on financial markets.
Tether’s USDT currently dominates the Stablecoin market, but may be in hot water in the proposed legislation. It rejected independent reserve reviews, and other issuers were Promote these requirements. Such changes will help these competitors build market share.
If crypto-native Stablecoin issuers think they can maintain greater compliance, it will actually guarantee Bank of America.
The company’s predecessor was founded in 1904 and has nearly $3 trillion in AUM. This is the certified pillar of U.S. trade fees, with a high degree of institutional integration. In short, this could sweep the Stablecoin market.
Disclaimer
persist in Trust Project Guide Beincrypto is committed to impartial, transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
