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US House Poised to Send Stablecoin Bill to Trump
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Democrats have also raised concerns that the legislation opens the door for major corporations to issue their own private cryptocurrencies.
Stablecoin adoption is on the rise. As Crypto Week kicks off in Washington, BofA flags four corners of the market that could benefit from the boom.
Bank of America is working on launching a stablecoin, and investors can expect the lender to move forward with the cryptocurrency, CEO Brian Moynihan said on Wednesday, without giving a timeline. Stablecoins,
Citigroup Inc. is considering issuing its own stablecoin, positioning the company as a possible early mover in the push by traditional banks to expand into cryptocurrencies.
The prospect of a more favorable regulatory environment for digital assets has large lenders exploring or plotting stablecoin plans, JPMorgan, BofA, Citi and U.S. Bank executives indicated this week.
The test aims to showcase how stablecoins and blockchain rails can cut government vendor payments from weeks to seconds.
The third-largest bank in the US is signaling intentions to enhance its digital asset capabilities and offerings.
After clearing a procedural hurdle in the House of Representatives by a 215-211 vote on 16 July, the GENIUS Act now heads to floor debate, having already secured bipartisan Senate
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