Brian Moynihan, CEO of Bank of America, has recently indicated at the Economic Club of Washington DC that the bank could introduce a stablecoin if comprehensive legislation is enacted in the United States.
According to Fortune, Moynihan mentioned, "If they make that legal, we will go into that business."
He noted that the bank is exploring the possibility of offering tokens backed by dollars and linked to customers' deposit accounts.
The stablecoins are expected to thrive under the regulatory frameworks expected to be put in place, which aim to use overcollateralized dollar-backed tokens to bolster the dominance of the US dollar in international trade.