Bank of America, one of the major investment banks in the United States, is reportedly developing its own stablecoin. This represents a significant advancement in traditional finance's adoption of the cryptocurrency industry.
Last month, there were rumors that the company would launch a stablecoin with JPMorgan and other partners, but it has not yet been realized.
Banking Giants Enter Stablecoin Competition
In recent months, the cryptocurrency industry has been receiving unprecedented interest from traditional finance and government.
After Trump suggested that stablecoins could play a crucial role in global dollar dominance, these assets have been growing particularly. Today, Bank of America's CEO Brian Moynihan confirmed plans to launch a stablecoin.
This is not the first time the company has hinted at such plans. In March, Moynihan argued that Bank of America must launch a stablecoin, saying they have "no choice". The previous month, he made non-definitive positive remarks but generally opposed such assets.
Last month, Bank of America considered launching a stablecoin alongside other banking giants like JPMorgan, but it has not yet been realized.
This partnership may still bear fruit, or the company may have decided to proceed independently. Either way, this could have a significant impact on the entire cryptocurrency industry.
