Bank of America lobbies to dethrone Tether and Circle
Bank of America is lobbying Congress to pass legislation that will favor banks when determining who can issue stablecoins. The $284 billion Global Systemically Important Bank (G-SIB) aims to limit non-banks’ legal abilities to create stablecoins. This year, CEO Brian Moynihan has been working with lobbying groups like the American Bankers Association and Bank Policy Institute, according to The Block. He wants to issue a fully reserved, 1:1 backed “ Bank of America coin .” If the bank’s efforts succeed, it could limit the stablecoin efforts of non-banks like Coinbase, Circle, Amazon, Meta, Tether, and many others. Why is Tether 213% bigger than Circle but 8,000% more profitable? Read more: PayPal and Ripple stablecoins still sub-1% despite ‘stablecoin gold rush’ Bank of America wants to compete with Circle, Tether Obviously, Circle is also conducting its own lobbying efforts. The company’s major stablecoin, USDC, has a $60 billion market cap that ranks sec...