Bank of America (BofA) CEO Brian Moynihan said that the lender has “done a lot of work” on launching its own stablecoin.
“We feel both the industry and ourselves will have responses. We’ve done a lot of work,” Moynihan told Reuters. He added that investors can expect the lender to move forward with it soon. “It’s pretty clear there’s going to be a stablecoin,” Moynihan confirmed at the time, provided legal frameworks allowed it.
“[The bank] would roll out a stablecoin at an appropriate time, likely in partnership with other players,” he added. Further, the progress has been slower than anticipated by some investors, as banks are still awaiting legal clarity. On Wednesday, Trump announced that 11 of the 12 House representatives have agreed to support the GENIUS ACT bill. The legislation allows for the establishment of a regulatory framework for stablecoins.
Additionally, CEO Moynihan noted that BofA is trying to understand customer demand in the space, which isn’t high currently.
