Bank of America (BAC) is planning to launch its own Stablecoin, following in the footsteps of JpMorgan and Citigroup. Bank CEO Brian Moynihan spoke about development on Wednesday, but there was no timeline for the launch of a potential Stablecoin.
“We feel that both the industry and ourselves are responding. We’ve done a lot of work,” Bank of America CEO said today in a post-revenue call. “We’re still trying to figure out how big or small it is, because there’s no massive amount of money movement in some places. So you’re going to expect us all to move. Moynihan said Bank of America is still trying to understand the demand for Bofa Stablecoin clients and will probably work with other players to roll out Stablecoin at the right time.
The Stablecoin industry has attracted a lot of attention last month. Several banking institutions seeking to join the crypto business have begun with Stablecoin development. Long-standing anti-cryptic advocate Jamie Dimon After years of opposition, JPMorgan began to ease the development of crypto products and investment in Bitcoin.
Such a vast service portfolio indicates companies seeking to establish their control in the rising Stablecoin domain. The US government is also actively preparing to debut the Genius Stablecoin Bill, which provides a unified Stablecoin infrastructure for industry to tinker with. Bank of America’s plans to launch Stablecoin are currently in the final stages of its launch, coinciding with the release of Genius, which is currently being reviewed by the House of Representatives.
Shares in Bank of America (BAC) have fallen 2% today since the announcement, but have risen 2.6% over the past month.
