BlockBeats news, on July 17, according to Reuters, Bank of America CEO Brian Moynihan stated that the bank is preparing to launch a stablecoin, and investors can expect Bank of America to take action in the cryptocurrency space, although Brian Moynihan did not provide a specific timeline.
Moynihan stated, "As the second largest bank in the United States, Bank of America believes that both the industry and itself will take action. We have done a lot of work and are still trying to figure out the scale of stablecoins, as the scale of capital flows in certain areas is not large. Bank of America is trying to understand customer demand and will launch a stablecoin at the appropriate time, potentially in collaboration with other institutions. The bank is still waiting for legal clarity, which is also a reason for the progress being slower than some investors expected."
Morgan Stanley CFO Sharon Yeshaya also stated today that they are closely monitoring the development of stablecoins, "We are examining the market and the potential uses of stablecoins for our client base, but it is still too early at this point."