Bank of America and Citigroup Explore USDC-Compatible Stablecoin Issuance Under New GENIUS Act Framework

Major financial institutions are positioning themselves at the forefront of digital asset innovation as the GENIUS Act establishes the first federal regulatory framework for stablecoins. Bank of America and Citigroup are actively exploring issuance options, while retail giants Walmart and Amazon reportedly evaluate similar strategies. This legislation marks a watershed moment for cryptocurrency adoption, creating clear rules for dollar-pegged tokens designed for payments and settlements.

The strategic calculus for corporations now revolves around blockchain infrastructure decisions, compliance costs, and whether to develop proprietary tokens or integrate established solutions like Circle's USDC. "The intended use is going to matter a lot," observes Stephen Aschettino of Steptoe LLP, highlighting how application requirements will drive technical decisions. Stablecoins offer compelling advantages over traditional banking rails, particularly for cross-border transactions that currently take days to settle.