Some large US banks plan to launch stablecoins

PANews reported on July 17 that several large U.S. financial institutions, including Bank of America and Citigroup, are working on launching stablecoins, a move that comes as the U.S. government seeks to implement friendlier cryptocurrency regulatory policies. Bank of America CEO Brian Moynihan said on Wednesday that the bank is advancing the launch of stablecoins and investors can expect the bank to advance related plans, but did not disclose a specific timetable. Citigroup CEO Jane Fraser also said that stablecoins may be issued to promote digital payments. "We are considering issuing Citi stablecoins," she told analysts on Tuesday, "This is a good opportunity for us." JPMorgan Chase CEO Jamie Dimon, who has always been a Bitcoin skeptic, said on Tuesday that the bank will get involved in the stablecoin business, but he did not disclose details.