Bank of America CEO Brian Moynihan waxed optimistic about the eventuality of the U.S. government legalizing stablecoins.
"It's pretty clear there's going to be a stablecoin, which is going to be a fully dollar backed type of thing, which is no different than the money market fund with check access, it's no different than a bank account, really," he said during an interview with Bloomberg on Tuesday. "So if they if they make that legal, we'll go into that business. So you'll have a Bank of America coin ... and we'll be able to move them back and forth."
Moynihan said up until now his bank has not been able to utilize stablecoins.
Amid the possibility of stablecoin legislation in the U.S. gaining momentum, top issuers like Circle and Tether are squaring off. Additionally, in December, Ripple launched the RLUSD stablecoin after securing final approval from the New York State Department of Financial Services (NYDFS), a detail the company thinks will favor its USD-backed token.
With the U.S. dollar-based stablecoin market already valued at over $230 billion, if the United States government paves the way for traditional banking institutions like Bank of America and other consumer banks, the stablecoin market will likely swell substantially. How much the market grows will probably depend on the number of use cases.
"The question of what [stablecoins are] useful for is going to be interesting," Moynihan also said in his interview from Tuesday.
Tether's USDT stablecoin is currently the largest by market cap, with over $142 billion of the token in circulation, according to The Block Data Dashboard. Circle's supply of its USDC stablecoin sits at about $56 billion.
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