By Nermeen Nabil Khear 
According to him, it’s only a matter of time before a fully dollar-backed stablecoin becomes a reality.
He compared these digital assets to traditional bank accounts, suggesting they would function similarly in the financial system.
A Stable Future for Stablecoins?
Speaking on the topic, Moynihan stated, “It’s pretty clear there’s going to be a stablecoin, which is going to be fully dollar-backed… it’s no different than a bank account.” His words highlight how stablecoins could become a key part of everyday finance, bridging the gap between crypto and traditional banking.
For years, stablecoins have been a hot topic. These digital currencies pegged to a stable asset like the U.S. dollar, are designed to avoid the wild price swings of cryptocurrencies like Bitcoin. Companies like USDT) and USDC already offer stablecoins, but regulators have been hesitant to fully embrace them. Moynihan’s statement suggests that banks may soon play a bigger role in the stablecoin market.
“It’s pretty clear there’s going to be a stablecoin, which is going to be a fully dollar-backed… it’s no different than a bank account”- CEO of Bank of America
pic.twitter.com/NWLQWLENjR https://t.co/68fiCI2TTv— xoom (@Mr_Xoom) February 26, 2025
Moynihan’s comments indicate that stablecoins could become as common as checking accounts. If banks begin issuing their stablecoins, customers might not even notice much of a difference when moving money digitally.
More About Stablecoins
U.S. Senator Cynthia Lummis is pushing for a clear, bipartisan regulatory framework for stablecoins, warning that the U.S. is falling behind in the global race. She’s backing Senator Bill Hagerty’s GENIUS Act, a bill aimed at setting stablecoin rules, and urging lawmakers to get it passed and on the president’s desk.
We need a bipartisan regulatory framework for stablecoins. Let’s get @SenatorHagerty‘s GENIUS Act across the finish line and to @POTUS‘ desk. The race is on, and America is falling behind.
— Senator Cynthia Lummis (@SenLummis) February 26, 2025
With other countries moving ahead, Lummis believes the U.S. must act fast to stay competitive in the digital asset space.
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The post Bank of America CEO: Regularized Stablecoins are Inevitable appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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