Bank of America (Bofa) He is preparing to enter the Stablecoin market, said CEO Brian Moynihan on Wednesday, adding that the bank has already laid the bases and hopes to act when it is the right time.
“We believe that both the industry and ourselves will have answers,” Moynihan said during the call to the investor of the second quarter of the lender. “We have done a lot of work.”
He added that Bofa is still mediating how big the opportunity could be and how much demand for customers exists. “We are still trying to discover how big or small it is, because in some places there are no large amounts of movement of money. Therefore, I would expect all to move, our company advances on that,” he said.
Moynihan said that the bank would probably implement a stablecoin in association with other companies, but only once there is a clearer demand for clients, something that suggested is still emerging.
Their comments are approaching when Congress approaches the approval of the legislation to regulate Stablecoins. The bill, known as the Genius Law, approved the Senate in June, but stagnated in the Chamber earlier this week when two key provisions did not advance.
Most Wall Street is not waiting. The JPMorgan Chase CEO, Jamie Dimon, said Tuesday that the bank “will participate” both in its deposit currency and in other stablecoin efforts despite personal doubts about its usefulness. Meanwhile, the CEO of Citi, Jane Fraser, also confirmed that her firm is exploring her own digital dollar.
