Bank of America CEO considers entering the stablecoin business

Bank of America CEO Brian Moynihan said that if the U.S. legislation is clear, banks may launch stablecoin business. He mentioned that the bank may provide a USD-backed token linked to a customer's deposit account, but did not elaborate on the product plan. During the Trump administration, comprehensive regulation of stablecoins is expected to help maintain the dominant position of the US dollar in international trade and attract stablecoin companies to settle in the United States. In February, Federal Reserve Governor Christopher Waller said at a meeting that banks should be allowed to issue stablecoins, bringing innovation opportunities for cross-border payments and international trade. Stablecoins have become the ideal choice for remittances and cross-border payments due to their low cost and fast settlement time. If relevant regulations take effect, banks may face new opportunities in stablecoin issuance. (Cointelegraph)