Key Takeaways
- Bank of America plans to issue a stablecoin once regulatory clarity is available.
- The proposed stablecoin would be fully dollar backed and resemble existing financial products.
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Bank of America stands ready to launch its own stablecoin if the regulatory framework allows, said CEO Brian Moynihan in an interview with David Rubenstein at the Economic Club of Washington on Tuesday.
“It’s pretty clear there’s going to be a stable coin which is going to be a fully dollar backed,” said Moynihan when asked whether he thought there would be a complete elimination of physical cash in favor of a fully digital economy.
“If they make that legal we’ll go into that business,” Moynihan said. “You’ll have a Bank of America coin and a US dollar deposit and we’ll be able to move them back and forth.”
“Because now it hasn’t been legal for us to do it,” he added.
Moynihan also outlined three distinct categories in the digital asset space: blockchain technology, stablecoins, and Bitcoin and other crypto assets. His focus was on stablecoins, stating that these assets would function similarly to existing financial products.
“It’s no different than a money market fund with check access…is no different than a bank account,” he said.
Moynihan said the vast majority of money movement is already digital, especially for large transactions between central banks, like wire transfers, ACH payments, and other electronic methods.
Credit and debit cards…
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