Overview

• Bank of America CEO Brian Moynihan expressed the bank's intention to launch a dollar-backed stablecoin once regulatory approval is secured.
• Moynihan compared stablecoins to money market funds or bank accounts, emphasizing their potential utility in payments and financial transactions.
• The U.S. Congress is working on stablecoin legislation, with lawmakers aiming to pass it within the first 100 days of President Trump's administration.
• Moynihan highlighted that Bank of America has historically been cautious about crypto but is prepared to compete in the sector as regulations evolve.
• The stablecoin market has grown significantly, facilitating $33 trillion in transactions last year, surpassing Visa and Mastercard combined in volume.