BofA CEO teases dollar-pegged stablecoin – Is a banking revolution on the horizon? – BitRss

• As the U.S. government transitions towards pro-crypto policies, traditional finance is gearing up for change.
• Bank of America CEO has suggested a potential stablecoin once there’s legal clarity.

Throughout the past year, crypto adoption across states, governments, and traditional finance has soared. With a pro-crypto government in the U.S., various traditional finance-centered companies are gearing up to enter the crypto race.

The latest firm to signal such a move is Bank of America, with its CEO revealing plans to launch a stablecoin.

Bank of America set to launch stablecoin

According to Bank of America CEO Brian Moynihan, the bank is preparing to launch its stablecoin once there are regulations in place allowing it.

During his speech at the Economic Club of Washington DC, Moynihan revealed that the bank is interested in joining the fast-growing crypto space. However, he noted that the firm is waiting for legal and regulatory clarity.

He noted that

” it’s clear there’s going to be a stablecoin if it’s legal.”

Moynihan further noted that a dollar-pegged stablecoin issued by the bank will have various uses and applicability in daily activities.