Bank of America is testing the waters for stablecoins, leveraging blockchain technology to enhance its payment infrastructure. In its second-quarter earnings call, CEO Brian Moynihan mentioned that the bank is focusing on using stablecoins as a transactional device. This move could help BoA manage trillions of dollars in client assets daily.
Moynihan stated that if clients want to use stablecoins, they will, citing the need for supportive legislation. The bank has explored stablecoin usage since early 2025 and may issue one jointly with JPMorgan and Citigroup. Despite mixed financial results, BoA’s interest in stablecoins is on the rise.
The stablecoin market is growing rapidly, with industry observers seeing fiat-pegged assets as the “default settlement layer” for the internet. Stablecoin transaction volumes surpassed Visa and Mastercard combined in 2024, with over $257 billion in circulation. The US administration has made stablecoin legislation a priority, including the GENIUS Act, which gained bipartisan support but stalled in the House of Representatives.
Source: https://cointelegraph.com/news/bank-of-america-stablecoin-strategy-regulatory-push