coinspress.com
Bank of America is considering launching its own stablecoin but is waiting for official regulatory approval before moving forward.
CEO Brian Moynihan recently stated that the bank is prepared to enter the stablecoin market once the U.S. government formally recognizes such assets as legal financial instruments.
Speaking at the Economic Club of Washington, D.C., Moynihan emphasized that the company is interested in the sector but will only proceed if policymakers give the green light. He expressed optimism that the regulatory environment under the current administration could pave the way for stablecoin adoption. “If they make that legal, we will go into that business,” he said.
Although specifics remain unclear, analysts suggest that a potential Bank of America stablecoin would likely be backed by U.S. dollar deposit accounts, enabling both retail and cross-border transactions. Such a move would position the bank as a direct competitor to existing stablecoin issuers like Circle and Tether. Moynihan highlighted that the bank invests around $9 billion annually in technology, signaling its ability to support a large-scale stablecoin infrastructure.
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With over $3.3 trillion in assets under management, Bank of America’s entry into the stablecoin industry could have a significant impact. Moynihan described the potential rollout as “unbelievable,” suggesting a major shift in the financial landscape if traditional banking giants enter the space.
Meanwhile, regulatory clarity on stablecoins appears to be approaching. Industry experts anticipate that U.S. lawmakers will soon establish formal guidelines, which could require stablecoin issuers to register within the country. While Circle has welcomed the prospect of clear regulations, Tether remains cautious, viewing increased oversight as a potential challenge to its operations. As major financial institutions prepare to enter the market, competition in the stablecoin sector is expected to intensify.