A new report from Bank of America indicates the end of the "regulatory discussion" phase, and the beginning of actual implementation.
The key driving steps for this transformation:
• Conditional approval from the Office of the Comptroller of the Currency (\u003ct-67/\u003e) for the licenses of five credit banks for digital asset companies
• The Federal Deposit Insurance Corporation's (\u003ct-42/\u003e) anticipated proposal regarding the approval of stablecoins for banks
• Federal Reserve collaboration on stablecoin capital and liquidity rules (Law #GENIUS )
This is the beginning of the traditional finance transition to blockchain technology over many years.
JPMorgan and DBS banks are currently testing tokenized deposits across multiple blockchains, sparking a heated debate:
Tokenized deposits versus stablecoins... which is better?
Bank of America emphasizes the need for banks to master blockchain technology now. Everything from bonds to stocks to cross-border payments may soon be settled on the blockchain. 👀
