Bank of America Eyes Stablecoin Adoption Following Landmark Crypto Legislation, CEO Reveals

Wall Street''s sleeping giant stirs—Bank of America finally blinks on crypto.

Regulatory green light ignites stablecoin ambitions

The banking behemoth''s CEO confirmed plans to explore dollar-pegged tokens after Congress passed long-awaited digital asset frameworks. No more hiding behind ''volatility concerns''—the old guard wants in.

Institutional dominoes keep falling

Another brick in the wall of traditional finance''s surrender. First BlackRock''s ETF, now BofA''s blockchain flirtation. Guess those ''ponzi scheme'' PowerPoints got archived.

The fine print

Implementation timeline? Vague. Treasury exposure limits? Unclear. But the signal''s unmistakable—when Jamie Dimon''s competitors start eating his lunch, you know the game''s changed.

Bonus jab: Nothing moves faster than a bank chasing revenue—except maybe their compliance team hitting the brakes.

Future Of Stablecoins In Focus

Speaking at a Morgan Stanley conference in New York, Moynihan emphasized the bank’s readiness to engage with digital currencies, stating, “We’re working with the industry… but the problem before was it wasn’t clear we were allowed to do it under the banking regulations.”

Moynihan noted that the bank has been considering launching its own stablecoin since February, but will wait for the passage of key legislative measures before proceeding.

“If they get the Genius Act or the Stable Act passed, along with the markets infrastructure enablement piece, that will help us determine whether there’s a viable business opportunity in stablecoins,” he added.

Despite these forward-looking statements, Moynihan also addressed challenges facing the bank, predicting a more than 20% decline in investment banking revenue for the second quarter compared to the previous year. However, he anticipates a moderate increase in trading revenue during the same period.

Bipartisan Support Grows For Crypto Legislation

In recent days, Wall Street has begun to recognize the potential of stablecoins to transform digital payments and broader financial systems. The Genius Act, which outlines how bank holding companies and other entities can issue stablecoins, has been reintroduced in the Senate and could see final passage as early as next week, according to Yahoo.

Notably, bipartisan support has emerged for several amendments to the bill. These include a proposal to prevent the president and his family from profiting from stablecoin ventures while in office, and another from Senator John Hickenlooper (D-Colo.) aimed at prohibiting interest payments to stablecoin customers to protect the competitive standing of community banks.

Senate Majority Leader John Thune has temporarily stalled votes on these amendments, complicating the legislative process. Simultaneously, the Clarity Act, a broader piece of legislation intended to regulate the digital asset market, has yet to be brought to a vote in the House.

President TRUMP has previously expressed a desire for both bills to be expedited as part of his vision to position the US as the “crypto capital of the planet.” During the first-ever White House crypto summit in March, Trump indicated his hope that stablecoin legislation could reach his desk before Congress’s recess on August 5.

In a related development, the recent public listing of Circle (CRCL), a prominent stablecoin issuer, on the New York Stock Exchange has generated excitement among investors. Circle’s stock more than doubled on its first trading day, fueling Optimism that the IPO market may be on the verge of a rebound.

Featured image from DALL-E, chart from TradingView.com