Bank of America plans to launch its own dollar-backed stablecoin, pending legal approval from US lawmakers, according to CEO Brian Moynihan.
During a discussion at the Economic Club of Washington, DC, Moynihan stated, “If they make that legal, we will go into that business.” He highlighted the momentum behind this movement, noting that with Donald Trump as president, Senate Banking Committee Chairman Tim Scott is focused on passing the Genius Act, a bill aimed at establishing stablecoin oversight, within the first 100 days of the administration.
Moynihan emphasized the inevitability of a fully dollar-backed stablecoin, noting, “It’s pretty clear there’s going to be a stablecoin. You’ll have a Bank of America coin and a U.S. Dollar deposit, and we’ll be able to move them back and forth. It hasn’t been legal for us to do it, but it’s just like another foreign currency.”