Bank of America sees stablecoin regulation as a catalyst for its mass adoption - Aliens: AI Crypto News & Markets Updates

Feed

News

Live News

About

Advertise

Latest

Bitcoin

Ethereum

NFT

Gaming

Policy

Blockchain

Altcoins

Bank of America sees stablecoin regulation as a catalyst for its mass adoption

PublisherPublisher
Aliens

Tue, Nov 23, 2021

Aliens TLDR

The Bank of America stated in a research report released on Tuesday. It stated that the Treasury Department’s "Report on Stablecoins (RoS)" published earlier this month is an "indication of urgency" for regulating stablecoins because stablecoins are likely Become a viable payment method.

The bank said that institutions are waiting for the rules to be determined before increasing their exposure to digital assets. “Regulatory framework should incentivize payments companies to integrate blockchain technology and stablecoins into their platforms.” Mastercard, Signature, Visa and Western Union Banks are all buy-rated stocks within the scope of Bank of America's research. Their market value may increase due to stable currency regulation. The bank said that stablecoins need to be regulated because it is now a "systemically important asset" with a market value of approximately US$141 billion. It has a quarterly trading volume of more than US$1 trillion in 2021.

The Bank of America stated in the report that despite the size and growth of the market, stablecoin issuers are not regulated by a comprehensive framework. It can also "provide varying levels of transparency into the composition of reserves that back their stablecoin." RoS pointed out that "potential for rapid stablecoin growth creates systemic risk" because "digital assets and traditional financial markets are more connected than many realize." The RoS recommends that the US Congress act quickly, and pass legislation to incorporate stablecoins into the banking system and allow federal oversight. The bank added that if the regulator decides that all stablecoin issuers must be insured depository institutions, this may cause banks to issue their own stablecoins.

Read full article on Aliens appRead from Original Source

The best experience is on the app

Everything happening in the crypto world, in real time

app

Recommended Stories

Article list item background

DeFi Data Network Unmarshal Doubles Down on Solana, Signs Key Advisor

Bangalore, India, 17th January, 2022, Chainwire since its launch in 2021, Unmarshal has continued to look for ways to improve its ecosystem to provide the best services to existing blockchains. Now in 2022, the DeFi network has added a key advisor, Brian D. Evans, to the team to strengthen the protocol.  Brian D. Evans is an Inc. 500 […]
CryptoGlobe
·

3h

defi

Recommended Stories

Article

DeFi Data Network Unmarshal Doubles Down on Solana, Signs Key Advisor

Article

Kryptomon’s treasure hunt game event ‘Walk-to-Earn’ returns

Article

Ethereum’s network revenue surged 1,777% in 2021 as average gas fee reached $26

Article

Himo World NFT metaverse gears up for IDO

Article

Ethereum, Dogecoin and Shiba Inu Chipping Away at Bitcoin's Crypto Payment Market Share

Article

Bitcoin price bound for another dip to $40,000

Article

Solana, Fantom, Axie Infinity Price Analysis: 17 January

Article

METABLAZE Announces Phase One of Its Emerging Metaverse Ecosystem Roadmap with Token Presale

The best experience is on the app

Download app to discover exclusive content, live market updates and more.

Get smarter and richer with the Aliens Crypto Digest

Stay informed and entertained, for free.

Follow Aliens

Advertise