According to reports, Bank of America CEO Brian Moynihan has warned that interest-bearing stablecoins could potentially draw trillions of dollars from US banks. In an earnings call transcript shared on X, Moynihan referenced studies indicating that yield-bearing stablecoins might pull as much as $6 trillion from the traditional banking system. The development highlights concerns within the banking sector regarding the growing influence and potential impact of stablecoins on traditional financial institutions.

According to reports, Bank of America CEO Brian Moynihan has warned that interest-bearing stablecoins could potentially draw trillions of dollars from US banks. In an earnings call transcript shared on X, Moynihan referenced studies indicating that yield-bearing stablecoins might pull as much as $6 trillion from the traditional banking system. The development highlights concerns within the banking sector regarding the growing influence and potential impact of stablecoins on traditional financial institutions.