Bank of America to Launch Stablecoin as Laws Change

Bank of America, one of the largest financial institutions in the United States, is planning to launch its own stablecoin, according to its CEO, Brian Moynihan. In a recent interview at the Economic Club of Washington, D.C., Moynihan revealed that the bank intends to enter the stablecoin market once the laws change to allow it.

Moynihan stated, "It’s pretty clear there’s going to be a stablecoin... If they make that legal, we will go into that business." He believes that a Bank of America coin pegged to the US dollar opens up many possibilities, and the question of its usefulness will be interesting to explore.

Moynihan also highlighted how other recent advancements in technology have changed the way Bank of America does business. The bank was the first US bank to offer a mobile banking app on the iPhone, which has since become a popular method for customers to interact with the bank. In 2018, the bank launched an artificial intelligence-powered assistant named Erica, which has contributed to the digital transformation of the bank's customer interactions.

According to Moynihan, about 90% of the bank’s interactions with customers last year were digital. This shift towards digital banking has been accelerated by the COVID-19 pandemic, and the bank is continuing to invest in technology to improve the customer experience.

The launch of a stablecoin by Bank of America could further drive the adoption of digital currencies and blockchain technology in the financial sector. As the laws surrounding stablecoins continue to evolve, it will be interesting to see how major financial institutions like Bank of America navigate this new landscape.