Bank of America Charges Into Crypto: Dollar-Pegged Stablecoin Plans Emerge as Senate Pushes GENIUS Act
Wall Street''s sleeping giant just woke up—and it''s holding a stablecoin blueprint.
Bank of America, the $2.4 trillion behemoth that once dismissed crypto as ''rat poison,'' is now quietly building a dollar-pegged digital currency. Sources say development accelerated after the Senate fast-tracked the controversial GENIUS Act last week—legislation that could give institutional players a velvet-rope entrance into crypto markets.
The move signals a tectonic shift: traditional finance''s grudging admission that blockchain isn''t just for drug dealers and degenerates anymore. BofA''s stablecoin would join JPMorgan''s JPM Coin and a growing roster of bank-issued digital cash alternatives—all racing to capture the $150B stablecoin market before regulators slam the door.
Insiders suggest the Charlotte-based bank wants its coin operational within 18 months. The timing''s suspiciously convenient—just as the GENIUS Act could exempt bank-issued stablecoins from the regulatory thunderbolts crushing crypto startups. How''s that for a ''free market''?
One thing''s clear: when banks start playing with blockchain, they don''t come to innovate—they come to own the casino.
SocGen issues institutional token
Across the Atlantic, Societe Generale-FORGEon June 10, a US dollar token native to ethereum and Solana.
The product is the French lender’s second stablecoin, following its 2023 euro version, and complies with the EU’s Markets in Crypto-Assets framework. SG-FORGE appointed BNY Mellon as reserve custodian and will publish daily collateral breakdowns.
Trading through multiple brokers is scheduled to begin in early July, with 24-hour conversion between dollars, euros, and the token. CEO Jean-Marc Stenger said client demand for round-the-clock settlement made a dollar instrument “the obvious next step.”
Senate advances GENIUS Act
These stablecoin developments happened as the Senateto invoke cloture on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, ending debate and starting a 30-hour countdown to a final vote that needs only a simple majority.
Majority Leader John Thune launched the post-cloture clock immediately. At the same time, senators prepared to debate a substitute drafted by Senator Bill Hagerty that removes a proposed ban on in-kind redemptions and clarifies oversight of non-bank issuers.
Democrats sought these changes after an.
The GENIUS Act would require every payment stablecoin to maintain one-to-one backing with high-quality liquid assets, primarily short-dated US Treasuries or insured deposits, and to segregate reserves from operating funds.
If the Senate adopts Senator Bill Hagerty’s amendment and passes the bill, the House could vote on the exact text without convening a conference committee, potentially accelerating enactment.
