Bank of America CEO: Stablecoins Could Impact Bank Deposits and Small Business Loans🚨
Bank of America CEO Brian Moynihan warns that interest-bearing stablecoins pose a significant risk to the traditional banking system.
According to Moynihan, these digital assets could potentially drain $6 trillion from traditional bank deposits. This shift in capital could lead to:
Higher borrowing costs: As banks lose deposits, the cost of funding increases.
Impact on Small Businesses: Companies that rely heavily on traditional bank lending may face higher interest rates and reduced access to credit.
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