KeyCorp Bank CEO Bullish on Crypto, Says Stablecoin ‘Has a Lot of Promise’
Main Idea
KeyCorp Bank CEO Chris Gorman expresses optimism about stablecoins, highlighting their speed, cost-efficiency, and potential as a solution for clients, while other major banks like JPMorgan, Bank of America, and Citi also explore stablecoin initiatives.
Key Points
1. KeyCorp Bank CEO Chris Gorman states stablecoins are 'faster, cheaper and better,' calling them a 'really good solution for our clients.'
2. Gorman emphasizes stablecoins' institutional utility, including programmable payments and store of value, aligning with client demand.
3. KeyCorp plans to enable crypto trading and storage on its banking platform, leveraging favorable regulatory developments like the GENIUS Act.
4. JPMorgan explores crypto-backed lending and stablecoins, with CEO Jamie Dimon acknowledging their legitimacy ('real').
5. Bank of America and Citi are also developing stablecoins, with Citi actively working on tokenized deposits.
Description
Chris Gorman, CEO of KeyCorp Bank that manages assets worth $185 billion, said that stablecoin has “a lot of promise,” making it a good solution for clients. Joining CNBC’s ‘Squawk on the Street’ to discuss KeyCorp’s operating environment, he touched down on recent US stablecoin legislation. “When you think about stablecoin, there is really a few things,” Gorman noted. “There’s the institutional piece which will be equivalent, like prime brokerage, that will be dominated by a single handful of i...
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