Bank of America (Bofa) Preparing to enter the Stablecoin market, CEO Brian Moynihan said Wednesday, added that the bank had already laid the basis and expected to take action when the time was right.
“We feel both the industry and ourselves will have responses,” Moynihan said During the lending Second quarter call to investor. “We’ve done a lot at work.”
He added that the Bofa is still measured by how much opportunity is and how much the customer will ask for. “We are still trying to figure out how big or small it is, because in some places there is no huge amount of money movement. So you hope we all move, our company has moved there,” he said.
Moynihan said the bank is likely to release a stablecoin in collaboration with other companies, but once the client’s clearer needs – something he suggests is still emerging.
His comments came as Congress inches closer to passing the law to fix the stablecoins. The bill, known as the Genius Act, passed the Senate in June but was stuck in the Chamber earlier this week when the two major provisions failed to move forward.
Most Wall Street is not waiting. Jpmorgan chase CEO Jamie Dimon said on Tuesday That the bank is “involved” in both coin deposits and other stablecoin efforts despite personal doubts about their utility. Meanwhile, Citi CEO Jane Fraser Also confirmed His firm is the exploration of its own digital dollar.
