Bank of America CEO: The bank may launch a stablecoin linked to dollar deposit accounts
ChainCatcher news, according to Fortune, Bank of America CEO Brian Moynihan stated that the financial services industry is about to enter the crypto economy, and stablecoin operations will arrive soon.
Moynihan said in an interview with David Rubenstein on Tuesday that stablecoins are digital assets similar to Bitcoin but backed by the U.S. dollar, equivalent to a money market fund or bank account with check-writing access.
Moynihan mentioned that this means Bank of America may soon offer BofA tokens linked to U.S. dollar deposit accounts. Under the Trump administration's support for cryptocurrencies, lawmakers are seeking to advance stablecoin legislation.
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