TradFi stablecoins will find it hard to win market share — Bitwise CIO
The BofA stablecoin news triggered mixed reactions from the community. Many saw it as a good sign for crypto, while others called it “CBDCish.”
Stablecoins issued by traditional financial institutions may face challenges in gaining significant market adoption, according to Matt Hougan, chief investment officer at Bitwise.
“TradFi stablecoins will find it harder than they think to win market share,” Hougan said in an X post on Feb. 26.
Hougan referred to the newly announced stablecoin plans by Bank of America (BofA) CEO Brian Moynihan, who on Feb. 25 said BofA would likely launch a US dollar-pegged stablecoin once regulators came up with relevant legislation.
