During his Wednesday analyst meeting Bank of America CEO Brian Moynihan announced plans to introduce a stablecoin as part of their digital finance strategy. The company has completed extensive research while assessing customer demand before starting the stablecoin development process according to Moynihan.
The digital payment and crypto transaction system relies on stablecoins which maintain a fixed value to fiat currencies including the U.S. dollar. The BofA CEO stated that the company will introduce its coin when demand reaches suitable levels possibly through collaborations with other businesses.
The U.S. government currently examines new regulatory measures for stablecoins at this time. President Trump has adopted crypto as his official title by calling himself the “crypto president.” The stablecoin regulatory bill will move forward through legislative processes during this week.
Morgan Stanley together with Citigroup explore stablecoin options while Citi’s CEO has officially stated plans to launch digital payment support through their stablecoin.