Bank of America CEO: Will launch a Stable Coin for hooked customer USD deposits, just waiting for regulatory legislation to land

According to Fortune, Brian Moynihan, CEO of Bank of America (BofA), stated in an interview this week that if the U.S. Stable Coin regulatory bill is passed, they will enter this industry, and we will soon see a BofA Stable Coin linked to U.S. dollar deposits. (Background: The U.S. Stable Coin bill is expected to trigger a 'bank issuance wave,' analysts say a large amount of new funds will flow into the encryption market) (Background: Citibank plans to offer digital asset custody services, next step is issuing Stable Coin?) Federal Reserve Chair Powell stated earlier this month during a hearing before the Senate Banking Committee that he supports establishing a regulatory framework around Stable Coin. Another Fed Board Member, Wall, also noted that banks and non-bank institutions should be allowed to issue regulated Stable Coin. BofA President: may launch BofA coins linked to U.S. dollar deposits Against this backdrop, according to Fortune's report yesterday (26th), Bank of America (BofA) CEO Brian Moynihan stated in an interview this week that the U.S. Financial Service industry is about to enter the Cryptocurrency economy field and will 'clearly get involved in Stable Coin.' Brian Moynihan added that under the Trump administration's push, U.S. legislators are seeking to establish a regulatory framework related to Stable Coin. If this legislative work ultimately succeeds, they will enter this industry and launch a BofA Stable Coin linked to user U.S. dollar deposits: If they take this step, we will enter this industry. This means that we may soon see a BofA Stable Coin linked to U.S. dollar deposits provided by banks, and its uses will also become very interesting. Will trillions of dollars in Stable Coin flow into the market? According to statistics from 2023, Bank of America's market share in the U.S. deposit market is close to 11%, second only to JPMorgan Chase. The total deposit scale of all commercial banks in the U.S. was approximately $17.83 trillion in 2023, with Bank of America's total deposits estimated to exceed $1.9 trillion, including deposits from individual customers, small businesses, and institutional customers. If these assets can indeed be transformed into on-chain Stable Coin, even if only a fraction of the scale flows into Cryptocurrency, it will be billions of dollars of new capital inflows, which may stimulate market growth. Analysts: U.S. Stable Coin bill passage will inject new momentum into the market According to Businessinsider's report on February 25th, Zack Shapiro, Policy Director of the Bitcoin Policy Institute, also judged that the U.S. Congress may soon pass a Stable Coin bill in the coming months. Once passed, it means that U.S. banking giants may set off a Compliance Stable Coin issuance frenzy, thereby opening the funding gate for Cryptocurrency: The Trump administration is pushing for a bill to regulate Stable Coin, believing that this is crucial to maintaining the dominance of the U.S. dollar. I believe all banks want to join the competition with Tether, but there is currently a lack of sufficient regulatory clarity, so once Congress passes the Stable Coin bill, this may bring about a large influx of funds. Related reports: The EU MiCA approves 10 institutions to issue Stable Coin, but Tether is absent; USDT may face comprehensive delisting Animoca Brands plans to issue Compliance 'Hong Kong Dollar Stable Coin,' in collaboration with Standard Chartered Bank and Hong Kong Telecom Tether may be forced to sell BTC? JPMorgan Chase: to comply with new U.S. Stable Coin regulatory rules, CEO responds swiftly (Source: Bank CEO of the United States: will launch a Stable Coin linked to customer U.S. dollar deposits, waiting for the regulatory bill to land) This article was first published on the BlockTempo by BlockZone, the most influential blockchain news media.