American banks plan to launch a stablecoin and are waiting for legal clarity.

On July 17, according to Reuters, Bank of America CEO Brian Moynihan stated that the bank is preparing to launch a stablecoin, and investors can expect Bank of America to take action in the Crypto Assets space, although Brian Moynihan did not provide a specific timeline. Moynihan said, "As the second-largest bank in the U.S., Bank of America believes both the industry and itself will take action. We have done a lot of work and are still trying to figure out the scale of stablecoins, as the flow of funds in certain areas is not large. Bank of America is trying to understand customer needs and will launch a stablecoin at the appropriate time, possibly in collaboration with other institutions. The bank is still waiting for legal clarity, which is also why progress has been slower than some investors expected." Morgan Stanley CFO Sharon Yeshaya also stated today that they are closely monitoring the development of stablecoins, "We are examining the market and the potential uses of stablecoins for our customer base, but it is still too early."