Bank of America is prepared to debut its own stablecoin in the U.S., diving headfirst into the crypto space once regulation is passed, CEO Brian Moynihan said on Tuesday.
Speaking with the businessman and philanthropist David Rubenstein at The Economic Club of Washington, D.C., Moynihan 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 said, referring to ongoing legislative efforts on Capitol Hill. “If they make that legal, we will go into that business.”
Though stablecoins have blossomed into a $232 billion market without clear rules in the U.S., experts expect that stablecoin legislation could unlock a myriad of new 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 is the second-largest U.S. bank behind only JP Morgan. According to its latest earnings releas… creator solana token
