Bank of America Corp. (NYSE:BAC) CEO Brian Moynihan has signaled the financial services industry’s imminent entry into the crypto economy, highlighting the potential for stablecoins to become a significant part of the banking landscape.
What Happened: In an interview with David Rubenstein at the Economic Club of Washington, D.C. on Tuesday, Moynihan stated, “It’s pretty clear there’s going to be a stablecoin,” indicating Bank of America’s readiness to enter the stablecoin business once it becomes legally permissible, Fortune reported.
He explained that stablecoins are digital assets backed by the U.S. dollar, likening them to “a money market fund with check access or a bank account.”
Moynihan’s comments come as the Trump administration’s crypto-friendly stance has …
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