By Bank of America CEO Signals Potential Stablecoin Launch
Editor's CommentSo the U.S. is shifting from its original goal to develop Central Bank Digital Currency (CBDC) to stablecoins from private banks. The end result will be the same, the complete shift to digital currency and the ability to track and trace every transaction. See this report for more on how this is poised to happen.
by Quartz
Bank of America (BAC+0.13%) is poised to enter the stablecoin market, contingent upon the passage of favorable legislation by U.S. lawmakers, according to CEO Brian Moynihan. Speaking at the Economic Club of Washington, D.C., Moynihan stated, “If they make that legal, we will go into that business,” according to Decrypt.
Moynihan expressed confidence in the emergence of a U.S. dollar-backed stablecoin, likening its function to that of money market funds or bank accounts. He emphasized that the bank’s involvement hinges on Congress passing the necessary legislation, which has been suggested to occur within the first 100 days of President Donald Trump’s administration. “It’s pretty clear there’s going to be a stablecoin, which is going to be fully dollar-backed,” Moynihan said, highlighting the potential for a “Bank of America coin” to operate similarly to foreign currency, reported CoinDesk. Read Full Article >
