PNC CEO says stablecoins should be payment tools or money market funds

PNC Bank CEO Bill Demchak said during an earnings call on Friday that stablecoins must choose between serving as a payment tool or functioning as a money market fund.

Demchak urged a clear split between payment tools and investment vehicles, framing stablecoins as needing one distinct purpose or the other.

The earnings call report does not provide further detail on how such a split would be implemented or what steps might follow.

Key Topics

Crypto, Bill Demchak, Pnc Bank, Stablecoins, Money Market Fund, Payment Tool