Stablecoins are likely to see an increase in usage in the absence of CBDCs, the bank noted, adding that the two largest by market value, tether and USD coin, had a combined market value of around $121 billion as of Jan. 21. Their use as a means of payment is increasing, particularly for cross-border remittances, the report said, as they are faster and cheaper than using fiat currency.
Source: https://www.coindesk.com/policy/2022/01/24/bank-of-america-says-us-cbdc-would-preserve-dollars-status-as-worlds-reserve-currency/