Good morning. The financial services industry is on the verge of entering the crypto economy, according to Bank of America’s CEO Brian Moynihan. “It's pretty clear there's going to be a stablecoin,” Moynihan said in an interview with David Rubenstein on Tuesday. He added that stablecoins are digital assets like Bitcoin, but backed by the U.S. dollar—making them akin to a money market fund with check access or a bank account.
“If they make that legal, we will go into that business,” Moynihan said. Under President Trump’s crypto-friendly administration, lawmakers are seeking to pass legislation on stablecoins.
