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Bank of America is taking aboriginal steps to research stablecoins arsenic a mode to modernize its outgo systems and grip trillions of dollars successful lawsuit transactions much efficiently, the lender’s CEO, Brian Moynihan, said during the bank’s second-quarter net call connected July 15.
Moynihan emphasized that the firm’s existent absorption is connected utilizing stablecoins “as a transactional device,” noting their imaginable to streamline however wealth moves done the bank’s infrastructure each day.
He added that the slope has already done important groundwork and is evaluating however scalable the accidental whitethorn beryllium crossed assorted transaction types.
While the size of the stablecoin marketplace remains comparatively tiny compared to accepted banking flows, Moynihan signaled that broader adoption whitethorn travel arsenic regulatory clarity improves.
The slope has been assessing the abstraction since aboriginal 2025 and has reportedly discussed the imaginable joint issuance of a stablecoin with different large U.S. institutions, including JPMorgan and Citigroup.
Stablecoin maturation outpaces accepted networks
The announcement comes amid a broader displacement successful bequest concern toward stablecoin-backed outgo rails. In 2024, stablecoin transaction volumes surpassed the combined totals of Visa and Mastercard.
Since then, the worth of stablecoins successful circulation has surged to $257 billion, astir treble the level from aboriginal 2023. Tether’s USDT and Circle’s USDC present marque up implicit 85% of that total.
US lawmakers person responded to the sector’s accelerated emergence by pushing for a clearer regulatory framework. The GENIUS Act, the centerpiece of the existent administration’s integer plus agenda, passed the Senate successful June with bipartisan support.
However, the measure stalled successful the House this week aft lawmakers blocked a procedural vote. A level ballot is expected by July 17.
As large institutions progressively crook to blockchain-based rails, Bank of America’s cautious but progressive attack signals that Wall Street’s largest players whitethorn beryllium preparing to marque stablecoins a cornerstone of aboriginal colony systems.
The station BofA CEO confirms slope is exploring stablecoins for imaginable outgo revolution appeared archetypal connected CryptoSlate.
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