Bank of America, one of the largest investment banks in the US, is reportedly working on its own stablecoin. This would represent a major escalation in TradFi’s adoption of the crypto industry.
Last month, rumors suggested that the firm would launch a stablecoin with JPMorgan and other partners, but this has not materialized yet.
Banking Giants are Entering the Stablecoin Race
Over the last few months, the crypto industry has received an unprecedented level of interest from the traditional pillars of finance and government.
Since President Trump suggested that stablecoins may play a key role in global dollar domination, these assets are growing in particular. Today, Bank of America’s CEO Brian Moynihan confirmed plans to launch a stablecoin:
This isn’t the first time that the firm has teased such plans. In March, Moynihan claimed that Bank of America has “no choice” but to launch a stablecoin. The previous month, he made noncommittal favorable statements but was generally opposed to the assets before this.
Last month, Bank of America also considered launching a stablecoin with other banking giants like JPMorgan, but this hasn’t materialized yet.
This partnership could still bear fruit, or the company could have decided to take on this endeavor alone. Either way, this could have massive repercussions for the entire crypto industry.
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