Bank of America to Enter Stablecoin Business
Brian Moynihan, CEO of Bank of America, has announced that the financial services industry is on the brink of entering the crypto economy, indicating a possible shift in how large banks may interact with digital assets.
During a Tuesday event at the Economic Club of Washington, D.C., Moynihan discussed the potential role of stablecoins and how regulatory developments could influence their adoption.
In an interview with David Rubenstein, co-founder of private equity firm The Carlyle Group, Moynihan remarked, “It’s pretty clear there’s going to be a stablecoin.”
As reported by Fortune News, he described stablecoins as digital assets akin to Bitcoin but backed by the U.S. dollar, likening them to money market funds with check access or a bank account.
