Bank of America is reportedly developing a fully dollar-backed stablecoin, marking traditional banks’ deeper move into digital assets.
New rumors are circulating in the crypto world that Bank of America is working on its stablecoin.
CEO Brian Moynihan stated that the bank would release a stablecoin fully backed by the dollar.
This move comes when regular banks are becoming more interested in digital currencies.
Bank Of America’s Plans For Stablecoin
Brian Moynihan, CEO of Bank of America, said the company is working on a stablecoin project.
The digital asset is likely to be fully backed by the US dollar, which is what has happened in the stablecoin market as a whole.
The statement from Moynihan revealed that the bank was planning to release a stablecoin, but it’s still unclear when or how it will work.
Some people have thought the bank might work with other banks, like JPMorgan, but there has been no official proof of these partnerships.
Moynihan had hinted earlier this year that a stablecoin would eventually be released.
He made it clear in March that the bank had “no choice” but to use these tools to stay competitive in the field.
