Bank of America is continuing work on developing stablecoins and is likely to move forward in line with broader industry trends, CEO Brian Moynihan said Wednesday, though he did not provide a specific timeline.

“We feel both the industry and ourselves will have responses. We’ve done a lot of work,” said Moynihan, head of the second-largest U.S. bank, during a post-earnings call with analysts. “We are still trying to figure out how big or small it is, because in some places there are not big amounts of money movement. So you would expect us all to move—our company to move on that.”

Stablecoins are a class of cryptocurrencies typically pegged to traditional fiat currencies, such as the U.S. dollar, and are commonly used to transfer funds between digital tokens. Despite ongoing research, Moynihan noted that current client demand remains low. However, he said Bank of America would likely launch its own stablecoin “at an appropriate time,” potentially in partnership with other institutions.

Meanwhile, Morgan Stanley is also exploring its approach to stablecoins but remains in the assessment phase. Chief Financial Officer Sharon Yeshaya said the bank is “actively discussing” the evolving landscape but added that it is still too early to determine how such a product would fit into its business model.

“We’re looking both at the landscape, the uses, and the potential uses for our own client base,” Yeshaya said. “But it really is a little early to tell, especially for the businesses we run.”

The cautious approach by both Wall Street giants comes amid growing interest in digital currencies, with the U.S. President Donald Trump recently declaring his ambition to be the country’s “crypto president,” promising broader mainstream adoption of digital assets.