Bank of America, one of the largest financial institutions in the United States, plans to launch its own stablecoin, according to its CEO.
In a new interview with the Economic Club of Washington, DC, the CEO of Bank of America, Brian Moynihan, said that they intend to launch a stablecoin once the laws change to allow it, reports Fortune.
Said Moynihan,
“It is quite clear that there will be a stablecoin …
If they make this legal, we will enter this company. »»
The laws authorizing financial institutions like Bank of America to launch Stablecoins are planned under the American pro-Crypto President Donald Trump, who took office in January.
Moynihan says that a Bank of America coin has struck the US dollar opens up many possibilities.
“The question of what is useful can be interesting.”
He also underlines how other progress in technology has changed the way Bank of America does business, including when he became the first American bank to offer a mobile banking application on the iPhone.
“At the time, it was an unusual thing to have an application. Everyone has gone to websites. So it took off. We now have 40 million consumers who finance digitally with us all the time. »»
The bank also launched an assistant powered by artificial intelligence named Erica in 2018.
According to Moynihan, around 90% of the bank’s interactions with customers last year were digital.
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