If comprehensive legislation exists in the United States, Bank of America (BoA) is also considering launching a stablecoin to cater to this segment of the market, CEO Brian Moynihan said, while speaking with the Economic Club of Washington, D.C.
Moynihan also stressed that embracing innovative financial technology while retaining traditional physical branches remains at the top of the bank’s strategy. For instance, according to Fortune, if that’s made legal, BoA said it will begin such tokenization by issuing dollar-backed tokens associated with customer deposit accounts.
Bank Of America Eyes Stablecoins
However, he gave no more details of potential products. That coincides with expectations among some that former President Donald Trump could push stablecoins into favor under an administration that creates more of a framework for the use of dollar-pegged tokens in global trade and encourages onshore operation by players who issue the tokens.
As stablecoins are immensely popular, several legislative proposals have been dubbed at the highest levels of Congress to regulate them, including the Lummis-Gillibrand Payment Stablecoin Act, the Clarity for Payment Stablecoins Act of 2024, and the GENIUS stablecoin bill. In February 2025, Rep.
Maxine Waters, the U.S. House Financial Services Committee including first in line to replace committee chair Rep. Patrick McHenry, argued that stablecoin regulation should enjoy bipartisan support and indicated support for a bill concept originally drafted by McHenry in 2024.
Stablecoins Improve Global Transactions
Similar to McHenry’s bill, the Clarity for Payment Stablecoins Act of 2024, as introduced by Senator Bill Hagerty, would expand base with an important different, it would allow state, instead of federal, regulation for issuers with less than $10 billion in market capitalization. Its intent is to achieve a balance between oversight and innovation in the digital asset sector.
Federal Reserve Governor Christopher Waller has also backed stablecoins and even went as far as calling them a game-changer for the cross-border payment and international trade. At a February 12 conference, Waller made clear that it should enable both banks and non bank entities to issue regulated stablecoins.
I’m getting lots of new private sector entrants who are looking to get into the chain and find ways to help develop the use of stablecoins for retail payments.
Due to their quick settlement times, stablecoins have served as a preferred remittances and international transaction solution where, traditionally, such transactions have required long processing times and high fees. BoA’s involvement in the discussions around the regulatory aspects of the stablecoin market mirrors the growing uniformity between conventional banking and the world of digital assets.
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