Bank of America, one of the largest financial institutions in the US, is planning to launch its own stablecoin, according to its CEO.
In a new interview at the Economic Club of Washington, D.C., Bank of America CEO Brian Moynihan says they intend to launch a stablecoin once laws change to allow it, Fortune reports.
Says Moynihan,
“It’s pretty clear there’s going to be a stablecoin…
If they make that legal, we will go into that business.”
Laws allowing financial institutions like Bank of America to launch stablecoins are expected under pro-crypto US President Donald Trump, who took office in January.
Moynihan says that a Bank of America coin pegged to the US dollar opens up many possibilities.
“The question of what it’s useful for is going to be interesting.”
He also highlights how other recent advancements in technology have changed the way Bank of America does business, including when it became the first US bank to offer a mobile banking app on the iPhone.
“Back then it was an unusual thing to have an app. Everybody went to the websites. So that took off. We now have 40 million consumers who bank digitally with us all the time.”
The bank also launched an artificial intelligence-powered assistant named Erica in 2018.
According to Moynihan, about 90% of the bank’s interactions with customers last year were digital.
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