Bank of America will look to launch its own dollar-backed stablecoin if US lawmakers make it legal to do so, says CEO Brian Moynihan.
Asked about a BofA stablecoin, Moynihan told the Economic Club of Washington, DC: “If they make that legal, we will go into that business."
With Donald Trump in the White House, Senate Banking Committee Chairman Tim Scott has committed to passing the Genius Act, a bill focused on stablecoin oversight, within the administration’s first 100 days.
“It’s pretty clear there’s going to be a stablecoin, which is going to be fully dollar-backed... so you’ll have a Bank of America coin and a U.S. Dollar deposit and we’ll be able to move them back and forth because now it hasn’t been legal for us to do it but it’s just like another foreign currency,” says Moynihan.