Bank of America CEO Brian Moynihan has expressed a positive stance on the potential legalization of stablecoins in the United States.
He stated that if stablecoins are legally recognized, the bank would enter the stablecoin business and even mentioned the possibility of issuing a "Bank of America Coin."
The stablecoin market has now surpassed $230 billion in size, and it is expected to grow further as the regulatory environment evolves.
Currently, the stablecoin market in the U.S. has grown to a $230 billion market cap, with Tether (USDT) and Circle (USDC) leading the space. Tether’s USDT supply has exceeded $142 billion, making it the largest stablecoin by market cap, while Circle’s USDC supply stands at $56 billion. As the stablecoin market expands, competition among major issuers is intensifying.
In December last year, Ripple received final approval from the New York Department of Financial Services (NYDFS) to launch a new stablecoin called RLUSD. This development has increased the likelihood of traditional financial institutions entering the stablecoin market.
Moynihan emphasized, "The key question is how far the use cases for stablecoins will expand," hinting at their potential applications in various areas such as payments, remittances, and financial services in the future.
