Bank of America Eyes Stablecoin Launch Amid U.S. Regulatory Shift

Bank of America is prepared to launch its own U.S. dollar-backed stablecoin if lawmakers approve necessary legislation, CEO Brian Moynihan said in an interview at the Economic Club of Washington, D.C.

“If they make that legal, we will go into that business,” Moynihan stated, emphasizing that stablecoins function similarly to money market funds or traditional bank accounts. He noted that regulatory clarity is key, and with growing bipartisan support, the U.S. may soon see new stablecoin laws. Lawmakers and White House Crypto and AI Czar David Sacks have suggested legislation could move within President Donald Trump’s first 100 days.

Compared to competitors like J.P. Morgan and Citigroup, Bank of America has remained cautious about crypto. However, evolving regulations may push the bank into the space. Moynihan explained that a fully dollar-backed stablecoin would allow for seamless transactions between digital and traditional deposits, much like foreign currency exchanges.

The Trump administration has signaled strong support for crypto innovation, aiming to provide clear regulatory guidelines that could accelerate Wall Street’s entry into digital assets. Charles Schwab, another financial giant previously hesitant about crypto, recently hired a head of digital assets, signaling industry-wide movement toward adoption.

The stablecoin sector has garnered bipartisan backing, with Republicans holding congressional control, increasing the likelihood of favorable legislation. While some Democrats have raised concerns about illicit use, stablecoins have already become a dominant force in payments, facilitating over $33 trillion in transactions last year—surpassing Visa and Mastercard combined.

With major banks exploring stablecoin adoption, regulatory clarity could drive significant competition and innovation in the financial sector, shaping the future of digital payments.