Bank of America Joins the Stablecoin Wars — CEO Confirms Bold Crypto Move
Wall Street’s sleeping giant just woke up—and it’s holding a stablecoin.
Bank of America CEO Brian Moynihan made it official today: the trillion-dollar institution is diving into the digital asset arena with its own dollar-pegged crypto. No more sitting on the sidelines while fintechs and crypto natives eat their lunch.
The playbook: Leverage their 66 million retail customers and institutional clout to dominate the race for blockchain-based settlements. Because nothing says 'innovation' like a bank finally moving at crypto speed—three years late.
The twist: Unlike JPMorgan’s JPM Coin (which barely left the lab), BofA’s stablecoin aims for direct consumer use. Think: instant cross-border payments with that familiar Bank of America branding—minus the 3% FX rake.
Regulators are already circling. The OCC reportedly greenlit the project under 'strict oversight'—translation: 'We’ll allow it, but we’ll make you regret every compliance checkbox.'
One hedge fund trader quipped: 'Finally, a stablecoin with the liquidity to handle my cocaine budget.' The finance sector remains undefeated in blending progress with pathology.
New Chapters Being Written
The news of the plan was shared yesterday by Reuters, with the Bank of America (BOA) joining the ranks of various institutional bodies that have endorsed the stablecoin plan under President Trump’s crypto-friendly legislation.
Brian Moynihan, the CEO and President of BOA, noted that “investors can expect the lender to MOVE forward with it,” but did not disclose any information as to when this can be expected.
Further speaking to analysts during a post-earnings call, the CEO’s approach appears to be cautious and calculated, as they are currently exploring customer demand, which is presently low.
The groundwork will likely begin “at the appropriate time” and “in partnership with other players,” with Moynihan comparing current stablecoin adoption levels of the industry with those of payment platforms like Zelle and Venmo.
“We’ve done a lot of work,” said Moynihan, hinting that this may have been in development for a while now, but with “banks still awaiting legal clarity,” the progress has been slower than some investors WOULD have liked.
The wait will likely not be very long, as the trio of anticipated legislation bills—CLARITY, GENIUS, and Anti-CBDC — were advanced to the House floor for debate and consideration after a 9-hour stall of the vote.
After speaking with the President late on Wednesday, the House Speaker told reporters:
“I’m pleased that we’ll be able to get this done. The president is as well. I just spoke with him, and this is a big priority for him, and it was for us.”
A Change of Heart
The widespread adoption and ongoing plans for stablecoins by central US banks are in stark contrast to how they were viewed not that long ago.
For example, when the BOA’s lead was asked if they planned to incorporate cryptocurrency in their services during a past World Economic Forum, the answer was a straightforward “no.”
Previously skeptical as well, the third-largest bank in the United States, Citigroup, is also considering issuing its own stablecoin.
Vocal Bitcoin critic – JPMorgan CEO Jamie Dimon, announced that the entity will also be entering the space, but without sharing any further details.
