Bank of America (BofA) CEO Brian Moynihan said that the lender has “done a lot of work” on launching its own stablecoin.
On Wednesday, Moynihan said that the bank is working to launch a stablecoin; however, the timeline is unclear.
“We feel both the industry and ourselves will have responses. We’ve done a lot of work,” Moynihan told Reuters. He added that investors can expect the lender to move forward with it soon.
The second-largest U.S. bank initially touted its dollar-pegged stablecoin launch in February, stressing how regulatory developments could shape its adoption.
“It’s pretty clear there’s going to be a stablecoin,” Moynihan confirmed at the time, provided legal frameworks allowed it.
BofA Aims to Rollout Stablecoin When Client Demand is High
Additionally, CEO Moynihan noted that BofA is trying to understand customer demand in the space, which isn’t high currently.
“[The bank] would roll out a stablecoin at an appropriate time, likely in partnership with other players,” he added. Further, the progress has been slower than anticipated by some investors, as banks are still awaiting legal clarity.
On Wednesday, Trump announced that 11 of the 12 House representatives have agreed to support the GENIUS ACT bill. The legislation allows for the establishment of a regulatory framework for stablecoins.
The move comes after the House voted 196–222 against advancing the bill on Tuesday and temporarily stalling progress on a wider crypto legislative package.
Leading US Banks Weigh Stablecoin Entry
On Tuesday, Citigroup announced that it is planning its own stablecoin offering as a part of its broader crypto strategy. Apart from Citi stablecoin, the bank is also exploring reserve management for stablecoins and developing crypto custody services.
“We are looking at the issuance of a Citi stablecoin. This is a good opportunity for us,” said Jane Fraser, CEO of Citigroup.
Besides, Morgan Stanley is following stablecoin developments closely, CFO Sharon Yeshaya noted. She said that the bank is looking into stablecoin use cases and how clients would benefit from it.
“But, it really is a little early to tell, especially for the businesses we run versus businesses that you might see from competitors, on how a stablecoin would play in,” she added.
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