Bank of America Prepares Stablecoin Launch Amid Regulatory Clarity Push

Bank of America is advancing plans to launch a proprietary stablecoin, contingent on clearer crypto regulations from Congress. CEO Brian Moynihan confirmed the bank has developed the underlying technology and is finalizing scale considerations. The project aims to bridge traditional banking and digital assets, allowing seamless conversion between BofA-issued stablecoins and USD deposits.

The MOVE leverages the bank's existing digital infrastructure, including 40 million digital customers and $2.5 trillion in deposits. This positions BofA with significant advantages over incumbent stablecoin issuers in liquidity and distribution.

JPMorgan Chase has already deployed JPM Coin for institutional settlements, signaling growing competition among traditional banks in the digital asset space. Regulatory progress appears to be accelerating institutional crypto adoption, with deposit tokens emerging as a key battleground.