The Bank of America is gearing up to challenge Tether and Circle in the stablecoin sector, driven by billions in daily transaction volumes linked to stablecoins.
CEO Brian Moynihan emphasized that the issuance of stablecoins hinges on clear legal frameworks, as the House’s STABLE act and Senate’s GENIUS act are under discussion.
There are debates in Congress about restricting non-bank entities from issuing stablecoins, highlighting potential privacy issues regarding financial data.
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