Bank of America CEO considers entering stablecoin business

Odaily News Bank of America CEO Brian Moynihan said that if U.S. legislation is clear, the bank may launch a stablecoin business. He mentioned that the bank may provide dollar-backed tokens linked to customer deposit accounts, but did not elaborate on product plans.
Comprehensive regulation of stablecoins during the Trump administration is expected to help the dollar’s dominance in international trade and attract stablecoin companies to the United States.
In February, Christopher Waller, a member of the Federal Reserve Board, said at a conference that banks should be allowed to issue stablecoins, which would bring innovative opportunities for cross-border payments and international trade. Stablecoins have become an ideal choice for remittances and cross-border payments due to their low cost and fast settlement time.
If relevant regulations come into effect, banks may face new opportunities in the issuance of stablecoins. (Cointelegraph)