According to the Financial Times, numerous large banks and fintech companies worldwide are racing to launch their own stablecoins in a bid to secure a share of the cross-border payment market, which is expected to be reshaped by cryptocurrencies.
Last month, Bank of America expressed openness to issuing its own stablecoin, joining a growing list of payment service providers that have already entered the space, including Standard Chartered, PayPal, Revolut, and Stripe.
