Bank of America to Launch USD-Pegged Crypto Stablecoin

The landscape of the digital asset industry is changing and is changing rapidly. Moreover, those shifts have seen a growing likelihood that financial services entities will enter the evolving cryptocurrency market. That was confirmed this week by Bank of America CEO Brian Moynihan, who recently said they are preparing to launch their own USD-pegged crypto stablecoin.

Speaking to Dave Rubenstein, Moynihan said, “It’s pretty clear there’s going to be a stablecoin.” Moreover, he discussed the stablecoin market, noting their function makes the asset similar to any “money market fund with check access or a bank account.”

"It's pretty clear there's going to be a stablecoin, which is going to be a fully dollar-backed… it’s no different than a bank account," says Bank of America CEO Brian Moynihan.

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Also Read: Bank of America’s Bold XRP Move: Ripple’s RLUSD Push Defies SEC Pressure

Bank of America CEO Says Stablecoins Are Coming Amid Growing Crypto Shift

The United States has seen a rapid overhaul of cryptocurrency policy drive increased adoption. With the arrival of pro-crypto President Donald Trump, the asset class has flourished. Now, just weeks after confirming the banking sector’s willingness to enter the crypto market, one key executive has hinted that is closer than ever.

Bank of America CEO Brian Moynihan has signaled that the bank is poised to enter the industry, launching its very own USD-pegged crypto stablecoin. Specifically, he said the bank would enter the market if the Trump administration successfully passed legislation regarding the asset class.

Also Read: Bank of America Says Gold Prices Could Top $3,500 If This Happens

“If they make that legal, we will go into that business,” Moynihan said. In effect, the Bank of America CEO was clear it would see the arrival of a BofA coin that would be linked to a US dollar deposit account. “The question of what it’s useful for is going to be interesting,” Moynihan added.

Moynihan added that the bank invests around $4 billion in new technology per year. Additionally, he noted that as much as $9 billion was needed to run those systems annually. “So the impact is unbelievable,” he added. It looks as though its entry into the stablecoin industry is the latest in those efforts.