Bank of America warns major threat could push trillions out of U.S. banks

Brian Moynihan made a grim warning about stablecoins. During a Jan. 15 earnings call, the Bank of America CEO told analysts that as much as $6 trillion in deposits could migrate from the United States banking system into stablecoins, roughly 30% to 35% of total U.S. commercial bank deposits. Moynihan attributed the projection to U.S. Treasury Department studies. It comes at a time when tensions between lawmakers, regulators, and financial institutions over how interest-bearing stablecoins could reshape ...