Bank of America, who has historically taken a back seat in the crypto industry, is prepared to launch its own dollar -backed stablecoin, whose US legislators approve legislation that allows it to do so, his CEO said Tuesday.
“If they do it legally, we will go into that business,” said Bank of America CEO Brian Moynihan in an interview with David Rubenstein at the Washington economic club, DC on Tuesday.
Moynihan said he thinks there will definitely be an American dollar stacked stablecoin, arguing that considering these digital assets is working like money market funds or bank accounts. This depends on congress adopting legislation; Legislators and Crypto for the White House and Ai Czar David Sacks have suggested that legislation can move within President Donald Trump’s first 100 days.
“It’s pretty clear that there will be a stableecoin that will be fully dollar-supported, […] So you have a bank of America coin and a deposit in the US dollar and we will be able to move them back and forth, because now it has not been legal for us to do it, but it is like another Foreign currency, “He said.
Compared to companies such as JP Morgan and Citigroup, Bank of America has been careful with its crypto involvement. But changing rules can force its hand.
The Trump administration has made it clear that it will partly support any efforts in the crypto area by providing clearer regulatory guidelines, which is likely to increase competition among Wall Street banks in the sector. Charles Schwab, another bank that had previously retained, has recently hired a manager of digital assets as it explores opportunities in space.
The StableCOin Economy has received support from both Democrats and Republicans, making the establishment of laws for these types of digital assets simpler than for other areas of crypto. To move things further, a group of lawmakers promised earlier this month that Congress would adopt legislation on stablecoins within the first 100 days of Trump in office.
While Democrats have expressed concern about the use of stablecoin for illegal activities, Republicans have full control over Congress, making it likely that it will give a friendly approach to the digital asset, although any final bill probably needs some kind of top -black support .
The sector is already a great strength in payments. Stableecoins relieved over $ 33 trillion in transaction volume in the past year and surpassed Visa and MasterCard combined, according to Visa data.
