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Fortune magazine has published an interview with the chief executive officer of financial services giant Bank of America, saying that BoA may well start issuing stablecoins quite soon. Stablecoins would be available to their account holders.
The CEO named a key condition for that, which can only be fulfilled by U.S. legislators.
U.S. likely to legalize stablecoins
Bank of America CEO Brian Moynihan believes that the U.S. will eventually approve stablecoins as legal and reliable assets. He referred to them as digital assets, like Bitcoin. This makes stablecoins “akin to a money market fund with check access or a bank account.”
If stablecoins become legalized in the U.S., Bank of America will enter this sphere. “If they make that legal, we will go into that business,” Moynihan stated, believing that the crypto-friendly presidential administration’s lawmakers seek to pass regulatory legislations on stablecoins.
Arman ShirinyanBoA eyeing issuance of stablecoins
If the aforementioned condition is fulfilled, the CEO said, the Bank of America would offer its customers BofA coins, which will be linked to their U.S. dollar deposit accounts.
Bank of America invests $4 billion annually in new technology, Moynihan shared, adding that running a system of stablecoins would cost approximately $8 or $9 billion per year. The impact of this integration would be “unbelievable.”
Bank of America is technologically advanced, the CEO stated, sharing that BoA introduced a mobile banking app for iPhone before other banking giants did. When it happened, using apps was still uncommon, and the majority of people preferred using company websites.
Dan Burgin
Vladislav Sopov