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Bank of America (BofA) is preparing to participate the stablecoin market, CEO Brian Moynihan said Wednesday, adding that the slope has already laid the groundwork and expects to enactment erstwhile the clip is right.
“We consciousness some the manufacture and ourselves volition person responses," Moynihan said during the lender's 2nd 4th capitalist call. "We've done a batch of work.”
He added that BofA is inactive gauging however ample the accidental mightiness beryllium and however overmuch lawsuit request exists. “We are inactive trying to fig retired however large oregon tiny it is, due to the fact that successful immoderate places determination are not large amounts of wealth movement. So you would expect america each to move, our institution to determination connected that,” helium said.
Moynihan said the slope would apt rotation retired a stablecoin successful concern with different firms, but lone erstwhile determination is clearer lawsuit request — thing helium suggested is inactive emerging.
His remarks travel arsenic Congress inches person to passing authorities to modulate stablecoins. The bill, known arsenic the GENIUS Act, passed the Senate successful June but stalled successful the House earlier this week erstwhile 2 cardinal provisions failed to advance.
Most of Wall Street isn’t waiting. JPMorgan Chase CEO Jamie Dimon said connected Tuesday that the slope volition “be involved” successful some its deposit coin and different stablecoin efforts contempt idiosyncratic doubts astir their utility. Meanwhile, Citi CEO Jane Fraser also confirmed her steadfast is exploring its ain integer dollar.
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