Bank of America and Stripe target market for payments in cryptocurrencies
Some of the world’s largest banks and fintechs are rushing to launch their own stablecoins, aiming to grab a slice of a cross-border payments market they expect will be redrawn by cryptocurrencies.
Large banks are growing increasingly confident pushing into the industry as regulations emerge. US politicians are debating bills in Congress that set out standards for stablecoins, giving banks, companies and ordinary consumers more confidence to use the tokens.
“If they make that legal, we will go into that business,” commented Brian Moynihan, chief executive of Bank of America, on the Trump administration plans at the Economic Club of Washington last month.
