The US Bank is planning to launch a stablecoin and is awaiting legal clarity

BlockBeats News, July 17th, according to Reuters, Bank of America CEO Brian Moynihan stated that the bank is preparing to launch a stablecoin. Investors can expect Bank of America to take action in the cryptocurrency field, but Brian Moynihan did not provide a specific timeline.

Moynihan said, "As the second largest bank in the United States, Bank of America believes that both the industry and itself will take action. We have done a lot of work and are still trying to figure out the scale of stablecoins because the scale of fund flows in certain areas is not large. Bank of America is trying to understand customer demand and will introduce a stablecoin at the appropriate time, possibly in collaboration with other institutions. The bank is still awaiting legal clarity, which is also why progress is slower than some investors expected."

Morgan Stanley CFO Sharon Yeshaya also stated today that they are closely monitoring the development of stablecoins. "We are examining the market as well as the potential uses of stablecoins for our customer base, but it is still early days."