Bank of America CEO: “Stablecoins could siphon off up to $6 trillion from banks”
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Summary
- CEO Brian Moynihan said stablecoins could absorb up to $6 trillion in bank deposits.
- The Block reported this would be equivalent to 30–35% of total deposits at U.S. commercial banks.
- Moynihan noted that stablecoin reserves are invested in short-term instruments such as U.S. Treasuries, potentially weakening traditional banks’ deposit base and lending.
Bank of America (BofA) said stablecoins could absorb bank deposits totaling as much as $6 trillion (about 8800 trillion won).
According to The Block on the 15th (local time), Brian Moynihan, CEO of Bank of America, said on a conference call the previous day (14th) that “deposits of up to $6 trillion could move from the U.S. banking system into stablecoins.” The Block reported that “$6 trillion is equivalent to 30–35% of total deposits at U.S. commercial banks.”
Moynihan said stablecoins could weaken the bank deposit system. “Stablecoin reserves are invested in short-term financial instruments such as U.S. Treasuries rather than being recycled into bank lending,” he said, adding that “in such a structure, (stablecoins) exist outside the traditional banking system, shrinking the deposit base that banks rely on to support household and corporate lending.” He also noted that “if (stablecoins) take deposits, banks would be unable to extend loans or would have no choice but to rely on wholesale funding.”
