Financial institution of America (BofA) is making ready to enter the stablecoin market, CEO Brian Moynihan mentioned 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 mentioned throughout the lender’s second quarter investor name. “We have accomplished a whole lot of work.”
He added that BofA remains to be gauging how giant the chance is likely to be and the way a lot buyer demand exists. “We’re nonetheless making an attempt to determine how huge or small it’s, as a result of in some locations there should not huge quantities of cash motion. So you’ll count on us all to maneuver, our firm to maneuver on that,” he mentioned.
Moynihan mentioned the financial institution would seemingly roll out a stablecoin in partnership with different companies, however solely as soon as there’s clearer consumer demand — one thing he advised 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 didn’t advance.
Most of Wall Avenue isn’t ready. JPMorgan Chase CEO Jamie Dimon mentioned 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 additionally confirmed her agency is exploring its personal digital greenback.
