Bank of America CEO: "Stablecoin under development through in-house efforts and industry collaboration"

JH Kim

Summary

Bank of America CEO stated that a stablecoin is under development through "in-house efforts and industry collaboration."
Although the specific issuance timing and scope of application have not been disclosed, it was reported that the industry's attention is focused as a major US financial institution participates in the market.
It was revealed that global major banks such as JPMorgan, Bank of America, Citibank, and Wells Fargo are discussing joint development of a stablecoin.

According to cryptocurrency-focused US media outlet Watcher Guru on the 16th (local time), the CEO of Bank of America stated, "We are currently developing a stablecoin independently while also collaborating within the industry."

Although specific issuance timing or scope of application has not been disclosed, the fact that Bank of America, one of the major US financial institutions, is moving toward issuing a stablecoin is drawing attention in the industry.

Previously, The Wall Street Journal (WSJ) reported that global major banks such as JPMorgan, Bank of America, Citibank, and Wells Fargo are discussing joint development of a stablecoin.