Bank of America Charges Into Stablecoin Arena—CEO Moynihan Confirms Development in Progress

Wall Street’s sleeping giant just woke up to crypto. Bank of America—the $2.8T asset behemoth—is quietly building a stablecoin, with CEO Brian Moynihan confirming active development. Move over, JPM Coin.

Why now? The bank’s playing catch-up as rivals like Citigroup test tokenized deposits and BlackRock pushes into blockchain. BofA’s late entry screams FOMO—but with 47 million digital banking users, they’ve got the distribution to disrupt.

The regulatory minefield ahead? Classic BofA. They’ll likely lobby for favorable rules while pitching their stablecoin as the ‘responsible’ alternative to wildcat crypto issuers. Expect a USD-pegged token wrapped in enough compliance to make a SEC lawyer weep with joy.

Bottom line: When traditional finance finally adopts crypto, they don’t innovate—they bureaucratize. Welcome to the future of stablecoins: centralized, surveilled, and sanitized for your protection.