Bank of America CEO: Stablecoins Could Pull Trillions From US Banks
According to reports, Bank of America CEO Brian Moynihan has warned that interest-bearing stablecoins could potentially draw trillions of dollars from US banks. In an earnings call transcript shared on X, Moynihan referenced studies indicating that yield-bearing stablecoins might pull as much as $6 trillion from the traditional banking system. The development highlights concerns within the banking sector regarding the growing influence and potential impact of stablecoins on traditional financial institutions.
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