US Banks Eye Stablecoin Amid Crypto Regulations

• Major banks like Bank of America and Citibank are exploring the launch of stablecoins, anticipating a regulatory shift in favor of cryptocurrency in the US.
• BofA's CEO, Brian Moynihan, highlights the bank's readiness to advance with stablecoin but notes current low client demand and lack of a clear timeline.
• Morgan Stanley and JPMorgan are also closely watching stablecoin developments, emphasizing the need for regulatory clarity before proceeding.
• Citigroup is contemplating issuing a stablecoin to streamline digital payments, viewing it as a strategic opportunity.
• A bill focusing on stablecoin regulation is moving through Congress, potentially integrating digital assets more fully into traditional finance.

Source: Reuters