Some large U.S. lenders, including Bank of America and Citibank, are working on launching stablecoins at a time when the country is looking to adopt more crypto-friendly regulations, Reuters reported.

BofA CEO Brian Moynihan said on Wednesday the bank is working on launching a stablecoin, and investors can expect the lender to move forward with it, without giving a timeline.

Stablecoins, a type of cryptocurrency designed to maintain a constant value, are usually pegged to a fiat currency such as the U.S. dollar and are commonly used by crypto traders to move funds between tokens.

"We feel both the industry and ourselves will have responses. We've done a lot of work," Moynihan, CEO of the second-largest U.S. bank, said, according to Reuters.