{"id":375731,"date":"2025-02-26T23:05:16","date_gmt":"2025-02-26T17:35:16","guid":{"rendered":"https:\/\/dripp.zone\/news\/bank-of-america-plans-to-launch-stablecoin-if-legislation-passes-says-ceo-crypto-news\/"},"modified":"2025-02-26T23:09:06","modified_gmt":"2025-02-26T17:39:06","slug":"bank-of-america-plans-to-launch-stablecoin-if-legislation-passes-says-ceo-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bank-of-america-plans-to-launch-stablecoin-if-legislation-passes-says-ceo-crypto-news\/","title":{"rendered":"Bank of America Plans to Launch Stablecoin If Legislation Passes, Says CEO – Crypto News"},"content":{"rendered":"
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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.<\/span><\/p>\n

Speaking with the businessman and philanthropist David Rubenstein at The Economic Club of Washington, D.C., Moynihan <\/span>predicted<\/span><\/a> that the endeavor is only a matter of time\u2014and the passing of pending legislation.<\/span><\/p>\n

\u201cIt\u2019s pretty clear that there\u2019s going to be a stablecoin, which is going to be fully dollar-backed,\u201d he said, referring to ongoing legislative efforts on Capitol Hill. \u201cIf they make that legal, we will go into that business.\u201d<\/span><\/p>\n

Though stablecoins have blossomed into a $232 billion market without clear rules in the U.S., experts expect that stablecoin legislation could <\/span>unlock a myriad of new players<\/span><\/a>\u2014tapping tokens pegged to the price of a fiat currency, such as the U.S. dollar, for new products and services.<\/span><\/p>\n

Bank of America is the second-largest U.S. bank behind only JP Morgan. According to its latest <\/span>earnings release<\/span><\/a>, the Wall Street giant had a whopping $3.26 trillion in total assets.<\/span><\/p>\n

President Donald Trump may be trying to uplift the industry broadly, but Moynihan described stablecoins as distinct compared to assets like Bitcoin<\/a> or blockchains generally. He compared stablecoins to money market funds, while saying they also closely resemble bank accounts.<\/span><\/p>\n

\u201cThe question of what it\u2019s useful for is going to be interesting,\u201d Moynihan said, referring to the bank’s would-be stablecoin as \u201cBank of America Coin.\u201d<\/span><\/p>\n

Earlier this year, Moynihan <\/span>said<\/span><\/a> during an appearance on CNBC<\/i>‘s \u201cSquawk Box\u201d that \u201cthe banking system will come in hard on the transactional side\u201d of stablecoins if legislation is passed. They would find broad use in payments, he said.<\/span><\/p>\n

Lawmakers have debated for years what a pathway to legality for stablecoin issuers should look like. Earlier this month, however, Senate Banking Committee Chairman Tim Scott (R-SC) <\/span>vowed<\/span><\/a> to get a regulatory framework for stablecoins passed within Trump\u2019s first 100 days.<\/span><\/p>\n

To the <\/span>consternation<\/span><\/a> of some lawmakers, payment firms, including PayPal, have jumped into the stablecoin space without clear federal rules. The firm debuted its PYUSD stablecoin in 2023 and <\/span>said<\/span><\/a> this week that it wants 20 million merchants using the product this year.<\/span><\/p>\n

As Bank of America\u2019s largest competitor, JP Morgan has <\/span>dabbled <\/span><\/a>in the stablecoin space since 2020. While pioneering its Onyx blockchain, the firm has <\/span>positioned<\/span><\/a> \u201cJPM Coin\u201d as a tool for cross-border transactions and payments between financial institutions.<\/span><\/p>\n

Edited by James Rubin<\/a><\/i><\/p>\n

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Start every day with the top news stories right now, plus original features, a podcast, videos and more.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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\u2014and […]<\/p>\n","protected":false},"author":2,"featured_media":375732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-375731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/375731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=375731"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/375731\/revisions"}],"predecessor-version":[{"id":375733,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/375731\/revisions\/375733"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/375732"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=375731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=375731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=375731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}