Bank of America (BAC) expects to launch its own stablecoin, following in the footsteps of JPMorgan and Citigroup. The bank’s CEO, Brian Moynihan, spoke about the development on Wednesday but did not give a timeline on the potential stablecoin launch.
“We feel both the industry and ourselves will have responses. We’ve done a lot of work,” the CEO of Bank of America said today on a post-earnings call. “We are still trying to figure out how big or small it is, because in some places there are not big amounts of money movement. So you would expect us all to move, our company to move on that.” Moynihan said Bank of America is still trying to understand client demand for a BofA stablecoin and would roll out a stablecoin at an appropriate time, likely in partnership with other players.
The stablecoin industry has been receiving plenty of attention over the last month. Several banking institutions that are looking to join the crypto business are starting with stablecoin development. Long-time anti-crypto advocate Jamie Dimon has even begun easing JPMorgan into developing crypto products and investing in Bitcoin, after years of being against it.
Also Read: Citigroup CEO Confirms Exploring Citi Stablecoin
Such an expansive service portfolio is also indicative of the firm trying to establish its dominion in the rising stablecoin domain. The US government is also actively preparing to debut the GENIUS stablecoin bill, the one that delivers a unified stablecoin infrastructure for the industries to tinker with. Bank of America’s plan to launch a stablecoin coincides with the launch of GENIUS, which is currently in its last stage of launch and is being reviewed in the House at present.
Shares in Bank of America stock (BAC) are down 2% today following the announcement, but are up 2.6% in the past month.