Bank of America is planning to launch Stablecoin if legislation is adopted, says CEO

Bank of America is willing to debut his own Stablecoin in the US, diving into the crypto space once the regulations are adopted, said CEO Brian Moynihan Tuesday.

Speaking with the businessman and philanthropist David Rubenstein in the economic club of Washington, DC, Moynihan predict That the effort is only a matter of time – and adopting current legislation.

“It is quite clear that there will be a stablecoin, which is fully supported by dollars,” he said, referring to current legislative efforts on Capitol Hill. “If they make that legal, we will enter that company.”

Although Stablecoins have become a market of $ 232 billion without clear rules in the US, experts expect the stablecoin legislation Unlock a large number of new players– Keeping tokens to the price of a Fiat -currency, such as the US dollar, for new products and services.

Bank of America is the second largest American bank behind only JP Morgan. According to the latter WinstreleaseThe Wall Street Giant had no less than $ 3.26 trillion in total assets.

President Donald Trump perhaps tries to elevate industry broadly, but Moynihan described Stablecoins as distinctive compared to assets such as Bitcoin or Blockchains in general. He compared Stablecoins with money market funds, while he said they also look strong on bank accounts.

“The question what it is useful for will be interesting,” said Moynihan, referring to the so -called Stablecoin of the bank as “Bank of America Coin.”

Earlier this year, Moynihan said During an appearance on CNBC‘Squawk Box’ that ‘the banking system is hard on the transactional side’ of stablecoins when the legislation is adopted. They would find broad use in payments, he said.

For years, legislators have debated what a road to lawfulness for Stablecoin would look like. Earlier this month, however, chairman of the Senate Bank Committee Tim Scott (R-SC) sworn To get a regulatory framework for Stablecoins that were adopted within the first 100 days of Trump.

At the consternation Payment companies, including PayPal, have jumped into the Stablecoin space for some legislators, including PayPal. The company debuted in 2023 and said This week it wants to use 20 million traders this year.

As the biggest competitor of Bank of America, JP has Morgan cut In the Stablecoin space since 2020. During the pioneering of his Onyx -Blockchain, the company positioned “JPM Coin” as a tool for cross -border transactions and payments between financial institutions.

Published by James Rubin