🚨 🇺🇸 Bank of America plans to introduce a USD-pegged crypto stablecoin contingent on legislative approval, according to the CEO. "It's evident that a stablecoin is on the horizon, fully backed by dollars... essentially functioning like a bank account.
🔑Key Details
🔸 Bank of America's Initiative: The bank is set to launch a USD-pegged stablecoin if lawmakers pass the necessary legislation.
▪️CEO's Statement: The CEO emphasized that the stablecoin will be fully dollar-backed, highlighting its similarity to traditional bank accounts.
🔸Legislative Context: The move is contingent upon regulatory approval, which is anticipated to be addressed in upcoming legislative sessions.
▪️Market Implications: This development could significantly impact the competitive landscape among financial institutions in the crypto space.