Bank of America, one of the largest investment banks in the United States, is reportedly working on its own Stablecoin. This represents a major escalation in the adoption of Tradfi in the crypto industry.
Last month, rumors suggested that the company would launch Stablecoin with JPMorgan and other partners, but this has not yet been realized.
Bank giants are taking part in the Stub Coin Race
Over the past few months, the crypto industry has received an unprecedented level of interest from traditional pillars of finance and government.
These assets are on a particularly high as President Trump suggested that stubcoins could play a key role in global dollar control. Today, Bank of America CEO Brian Moynihan confirmed his plans to launch Stablecoin.
This is not the first time the company has made fun of such a plan. In March, Moynihan insisted that Bank of America “has no choice.” The previous month he issued a positive, uncommitted statement, but generally opposed to this previous asset.
Last month, Bank of America also considered launching stubcoin with other banking giants like JPMorgan, but this hasn’t happened yet.
This partnership may still bear fruit, and the company may have decided to take on this effort alone. Either way, this could have a major impact on the crypto industry as a whole.