Bank of America is planning to launch its own stablecoin, according to its CEO

In a new interview at the Economic Club of Washington, D.C., Bank of America CEO Brian Moynihan says they intend to launch a stablecoin

Bank of America is planning to launch its own stablecoin, one of the largest financial institutions in the US is expected to apply for approval to launch a crypto payment token pegged to the dollar.

The bank's CEO Brian Moynihan reveals the bank's plans for a stablecoin in a new interview at the Economic Club of Washington, D.C., reports Fortune.

"It’s pretty clear there’s going to be a stablecoin. If they make that legal, we will go into that business," says Moynihan.

According to a report by the US Congress in December, lawmakers are expected to introduce legislation allowing financial institutions to launch private stablecoins.

The report, which covers the role of digital assets in the US financial system, says that the bipartisan Congressional members will work together to draft and propose the legislation early in 2020.

Stablecoins are cryptocurrencies that aim to maintain a stable value by being pegged to an underlying asset, such as a fiat currency.

A stablecoin launched by Bank of America would be pegged to the US dollar, opening up many possibilities, says Moynihan.

"The question of what it’s useful for is going to be interesting," he says.

Moynihan also highlights how other recent advancements in technology have changed the way Bank of America does business, including when it became the first US bank to offer a mobile banking app on the iPhone.

"Back then it was an unusual thing to have an app. Everybody went to the websites. So that took off. We now have 40 million consumers who bank digitally with us all the time."

The bank also launched an artificial intelligence-powered assistant named Erica in 2018.

According to Moynihan, about 90% of the bank's interactions with customers last year were digital.output: A large bank in the US is planning to apply for approval to launch a crypto payment token pegged to the dollar.

One of the largest financial institutions in the US is applying for approval to launch a crypto payment token pegged to the dollar. The bank, which is said to be Bank of America, is also expected to launch an artificial intelligence-powered assistant for use by the bank's customers.

The bank's CEO, Brian Moynihan, reveals the bank's plans for a stablecoin in a new interview at the Economic Club of Washington, D.C., reports Fortune.

"It's pretty clear there's going to be a stablecoin. If they make that legal, we will go into that business," says Moynihan.

According to a report by the US Congress in December, lawmakers are expected to introduce legislation allowing financial institutions to launch private stablecoins.

The report, which covers the role of digital assets in the US financial system, says that the bipartisan members will work together to draft and propose the legislation early in 2020.

Stablecoins are cryptocurrencies that aim to maintain a stable value by being pegged to an underlying asset, such as a fiat currency.

A stablecoin launched by Bank of America would be pegged to the US dollar, opening up many possibilities, says Moynihan.

"The question of what it's useful for is going to be interesting," he says.

Moynihan also highlights how other recent advancements in technology have changed the way Bank of America does business, including when it became the first US bank to offer a mobile banking app on the iPhone.

"Back then it was an unusual thing to have an app. Everybody went to the websites. So that took off. We now have 40 million consumers who bank digitally with us all the time."

The bank also launched an artificial intelligence-powered assistant named Erica in 2018.

According to Moynihan, about 90% of the bank's interactions with customers last year were digital.

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