Bank of America Prepares Stablecoin Entry as Wall Street Accelerates Crypto Adoption

Bank of America has begun laying the groundwork for a stablecoin offering, CEO Brian Moynihan revealed during the bank's Q2 earnings call. The move signals deepening institutional involvement in digital assets despite regulatory uncertainty. "We've done a lot of work," Moynihan stated, noting the bank WOULD likely partner with other firms when launching the product.

The announcement comes as Congress debates the GENIUS Act, which would establish a regulatory framework for stablecoins. While the legislation stalled in the House this week, major financial institutions aren't waiting. JPMorgan's Jamie Dimon confirmed ongoing stablecoin development despite personal skepticism, while Citi's Jane Fraser acknowledged similar explorations.

Bank of America appears to be taking a measured approach. Moynihan emphasized the need to evaluate market demand, suggesting the bank won't rush its rollout. "We are still trying to figure out how big or small it is," he said, acknowledging varying regional interest in cryptocurrency solutions.