Wall Street’s latest crypto convert? KeyCorp’s CEO just joined the bull run—calling stablecoins the ‘killer app’ for institutional adoption.
Why the sudden faith? Behind closed doors, banks are scrambling to avoid becoming the next Blockbuster in the digital asset revolution.
The punchline? After years of dismissing crypto as ‘rat poison,’ traditional finance now wants a seat at the table—just don’t ask about their 2022 congressional testimony.
Stablecoins Could Be a Really Good Solution For Clients: KeyCorp CEO
CEO Gorman said that stablecoins are faster, cheaper and better, making them a “really good solution for our clients.”
“The last is just programmable payments, which every bank needs to do, whether its escrows or others. I am pretty enthusiastic about it,” he added.
Further, the bank plans to give customers the ability to trade and store crypto through its banking platform.
The signing of the GENIUS Act last week has led to a more favorable regulatory environment for stablecoins, resulting in large lenders exploring this asset class.
JPMorgan Chase on Tuesday said the biggest U.S. bank is exploring lending against clients’ crypto holdings and called stablecoins, are “real.” JPMorgan will be involved both in deposit tokens and stablecoins, CEO Jamie Dimon recently confirmed.
JPMorgan’s stablecoin strategy reflects a broader institutional effort to study, not necessarily promote, digital tokens.#jpmorgan #chase #stablecoinhttps://t.co/rESHsngQv2
Besides, Bank of America CEO Brian Moynihan said that the bank is working to launch a stablecoin; however, the timeline is unclear. “We’ve done a lot of work,” he said, adding that there’s going to be a stablecoin for sure.
New York-based Citi is also mulling issuing its own stablecoin, according to CEO Jane Fraser. The $2.6 trillion-asset bank is “very active” in the tokenized deposit space, she said. On the other hand, Morgan Stanley is closely tracking stablecoin developments
