Bank of America CEO Brian Moynihan said this week that the bank has taken a backseat to the cryptocurrency industry, but the bank hopes to change that. Brian Moynihan said that if U.S. lawmakers approve it, Bank of America will launch its own cryptocurrency stablecoin, which will also use the U.S. dollar as the anchor base to achieve 1:1 exchange.
Compared with companies such as JPMorgan Chase and Citigroup, Bank of America has been very cautious in the field of cryptocurrency. The bank has little involvement in the cryptocurrency industry and therefore has little status in the cryptocurrency industry.
Brian Moynihan believes that it is obvious that in the future there will be a cryptocurrency stablecoin that is fully backed by the U.S. dollar. If you have a stablecoin issued by a Bank of America and a U.S. dollar deposit, then the Bank of America will be able to transfer them back and forth, but this practice is illegal at this stage.
According to Bank of America’s vision, users can freely exchange stablecoins with U.S. dollars, such as converting U.S. dollars into stablecoins and then sending them to other accounts, or sending encrypted stablecoins to a U.S. bank account and then converting them into U.S. dollars.
Data released by the international card organization Visa shows that cryptocurrency stablecoins facilitated more than $33 trillion in transaction volume in the past year, which exceeds the combined transaction volume of Visa and MasterCard.
However, Bank of America’s expectations must wait until U.S. lawmakers enact laws and the U.S. government develops a regulatory framework. This may take a long time. It is not known whether Trump can achieve this goal during his term.