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Fortune magazine featured a discussion with the CEO of Bank of America, noting that the institution might soon start issuing stablecoins targeted at its account holders.
The CEO stressed that this essential requirement can only be fulfilled by U.S. legislators.
U.S. Might Approve Stablecoins
Bank of America’s CEO Brian Moynihan is confident that the U.S. will ultimately acknowledge stablecoins as valid and reliable assets. He perceives them as digital assets akin to Bitcoin, which positions stablecoins “similar to a money market fund or a bank account that can be accessed through checks.”
If stablecoins achieve legal recognition in the U.S., Bank of America will engage in this market. Moynihan remarked, “If they authorize it, we will enter this sector.” He believes that lawmakers within the presidential administration who advocate for cryptocurrencies are keen to advance regulatory measures concerning stablecoins.
Bank of America Concentrates on Stablecoin Development
Moynihan disclosed that Bank of America allocates $4 billion each year to new technologies and noted that the expense of running a stablecoin system is roughly $8 to $9 billion annually. Solana (SOL) Observes the 5th Commemoration: An In-Depth Examination
The effect of this merger will be ‘remarkable.'”
The Chief Executive Officer of Bank of America emphasized that the institution is leading in technological advancements and disclosed that Bank of America introduced its iPhone banking application ahead of other significant financial institutions. During that period, there were still relatively few users of the application, as the majority favored utilizing the website.
