Bank of America prepares stablecoin: Banking giant awaits US regulatory green light
- Bank of America prepares stablecoin.
- US regulation crucial.
- Stablecoin pegged to the dollar.
In a move that signals the growing integration between the traditional financial system and the world of cryptocurrencies, Bank of America (BofA) has revealed that it is ready to launch its own stablecoin. The statement was made by the bank's CEO, Brian Moynihan, during a event's audience at The Economic Club of Washington, DC, on February 25, amid growing anticipation regarding digital asset regulation in the United States.
Moynihan stressed that the launch of the “Bank of America coin” is a matter of time, pending the passage of clear legislation for stablecoins. “It’s pretty clear that there will be a stablecoin, and it will be fully backed by the dollar,” the CEO said, referring to the ongoing legislative discussions on Capitol Hill. With President Donald Trump’s administration adopting a pro-cryptocurrency stance, lawmakers are working to create a regulatory framework that would provide legal certainty for the issuance and use of stablecoins.
“If they make it legal, we will be in that business,” the Bank of America CEO said.
In practice, BofA’s stablecoin would be tied to a U.S. dollar deposit account, offering users the stability of fiat currency with the speed and efficiency of digital transactions. Moynihan noted that the bank invests about $4 billion annually in new technologies, in addition to another $8 to $9 billion in maintaining its systems, demonstrating BofA’s commitment to innovation.
With the imminent regulation of stablecoins in the US, Bank of America is preparing to enter this promising market, seeking to offer its customers a new way to carry out financial transactions safely and efficiently.
Bank of America Adopts Ripple Technology for Internal Transactions, Analyst Reveals on FOX Business
According to the enthusiast and industry expert, the current political environment in the United States, considered The most pro-crypto moment to date, along with a Congress that has 60% pro-crypto members, is defining this period as crucial for the advancement of digital currencies. “This is the GPT chat moment for crypto, where we are advancing to the next level,” he explained.
Specifically regarding Ripple, the expert highlights that, despite the regulatory challenges faced — such as the SEC investigation —, the cryptocurrency is positioning itself as an essential infrastructure for future transactions. “Ripple was the second largest currency before the SEC investigation and is preparing to be the path through which everything will run in the future,” he said.
Furthermore, Ripple’s role extends beyond expectations, with the creation of its own stablecoin and a significant partnership with Bank of America, which conducts all of its internal transactions using this technology. The company also holds 83 patents that promise to revolutionize financial transactions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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