Bank of America Seeks to Dominate Digital Dollar-Pegged Tokens

Bank of America is aiming to shape the landscape of digital dollar-pegged tokens by establishing a new, fully backed stablecoin. This initiative involves collaborating with industry groups like the American Bankers Association and the Bank Policy Institute to develop their own 1:1-backed “Bank of America coin.” If successful, this campaign could significantly impact current stablecoin projects led by non-bank entities such as Coinbase, Circle, Tether, Amazon, Meta, and PayPal.