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⚖️ Bank Of America CEO Hints At Stablecoin Launch Subject To Regulatory Clarity

Bank of America Eyes Stablecoin Launch

BoA CEO Brian Moynihan says his company is keen on launching its stablecoin offering for consumers in the near future. Moynihan disclosed the plans during a panel session at the Economic Club of Washington, D.D., noting that only one requirement remains for the company.

The CEO notes that if stablecoins receives the approval of the US government, Bank of America will launch its offering. In his session, Moynihan expressed optimism for the regulator to give the greenlight for stablecoins under crypto-facing Trump administration.

“If they make that legal, we will go into that business,” said Moynihan.

While details remain sparse, pundits say a BoA stablecoin will be linked to US dollar deposit accounts. For Brian Moynihan, the use cases for the stablecoin will be far-reaching for consumers, birthing applications in local retail and cross-border applications.

BoA is expected to be a direct competitor to Circle and Tether, issuers of top stablecoins in the ecosystem. Armed with large capital reserves, Moynihan is eyeing sinking up to $9 billion each year for a stablecoin system.

Bank of America with its $3.3 trillion AUM has the company CEO describing the impact of a rollout as “unbelievable.”

🏛 FTX Bankruptcy Case Costs Almost $1 Billion In Fees: Details

FTX Bankruptcy Case Costs $1 Billion In Fees

According to a Bloomberg report, the FTX bankruptcy case has cost almost $1 billion in fees, making it one of the costliest bankruptcy cases in America’s history. So far, lawyers have collected around $948 million to work on the Chapter 11 case through January 2. Meanwhile, court records show that the court has approved over $952 million in fees.

This revelation comes following the FTX repayments, which kicked off on February 18. Despite the hefty fees paid for the bankruptcy case, legal experts suggested to Bloomberg that it was worth it, seeing as these lawyers were able to track billions of dollars in digital assets and cash, which the defunct exchange had scattered across several networks of accounts.