Financial institution of America (BofA) is making ready to enter the stablecoin market, CEO Brian Moynihan stated Wednesday, including that the financial institution has already laid the groundwork and expects to behave when the time is correct.
“We really feel each the business and ourselves could have responses,” Moynihan stated during the lender’s second quarter investor name. “We have performed lots of work.”
He added that BofA remains to be gauging how giant the chance is perhaps and the way a lot buyer demand exists. “We’re nonetheless attempting to determine how huge or small it’s, as a result of in some locations there are usually not huge quantities of cash motion. So you’d anticipate us all to maneuver, our firm to maneuver on that,” he stated.
Moynihan stated the financial institution would probably roll out a stablecoin in partnership with different corporations, however solely as soon as there’s clearer shopper demand — one thing he urged remains to be rising.
His remarks come as Congress inches nearer to passing laws to control stablecoins. The invoice, generally known as the GENIUS Act, handed the Senate in June however stalled within the Home earlier this week when two key provisions did not advance.
Most of Wall Avenue isn’t ready. JPMorgan Chase CEO Jamie Dimon said on Tuesday that the financial institution will “be concerned” in each its deposit coin and different stablecoin efforts regardless of private doubts about their utility. In the meantime, Citi CEO Jane Fraser also confirmed her agency is exploring its personal digital greenback.