Bank of America Eyes Stablecoin Launch Pending U.S. Regulation

In Brief:

Bank of America plans to launch a stablecoin once regulatory approval is secured.

CEO Brian Moynihan compares stablecoins to money market funds, emphasizing their transactional utility.

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Bank of America CEO Brian Moynihan confirmed that the bank is prepared to enter the stablecoin market if legislation passes. Speaking at The Economic Club of Washington, D.C., Moynihan stated that a fully dollar-backed stablecoin is inevitable, and Bank of America would move forward with its own digital asset once legal clarity is established.

While JPMorgan has already pioneered stablecoin applications, BoA’s entry could signal wider institutional adoption of blockchain-based payments. Lawmakers, led by Senate Banking Committee Chairman Tim Scott, are pushing for stablecoin regulation within Trump’s first 100 days in office.

With PayPal’s PYUSD adoption growing, traditional banks may soon compete with fintech firms for dominance in the stablecoin space.

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