Bank of America CEO Brian Moynihan: Possible launch of stablecoins BofA coins pegged to US dollar deposits

Bank of America may launch a US dollar-pegged stablecoin, and the crypto market may welcome huge capital inflows!

Recently, BofA CEO Brian Moynihan said that the U.S. financial services industry is actively exploring the cryptocurrency field, and stablecoins will be the key direction. He pointed out that if the U.S. Congress finally passes a stablecoin regulatory framework (which is currently under active progress), Bank of America will issue stablecoins pegged to customer dollar deposits - "BofA coins".

May large amount of funds be entered?

Bank of America's deposit market share in 2023 is close to 11%, second only to JPMorgan Chase. Its total deposits exceed $1.9 trillion. If a portion of these deposits are converted into on-chain stablecoins, even if only a small proportion of them flow into the crypto market, it will bring in billions of dollars in capital, which will greatly boost market confidence.

Stablecoin Act becomes a key catalyst

Zack Shapiro, head of policy at the Bitcoin Policy Institute, believes that the U.S. Congress may soon pass the stablecoin bill. The passage of the bill will eliminate regulatory uncertainty and prompt banking giants to actively participate in stablecoin issuance, thus bringing a lot of money to the cryptocurrency market. He believes that major banks want to compete with existing stablecoin giants, but there is currently a lack of clear regulatory guidance, and the passage of the bill will change this situation.

Feder Chairman Powell and Director Waller have also publicly expressed their support for the establishment of a stablecoin regulatory framework that allows banks and non-bank institutions to issue regulated stablecoins, providing policy support for this trend. The potential launch of BofA coins and the potential passage of the stablecoin bill indicate that the cryptocurrency market may usher in a new stage of development.

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