• Bank of America is actively developing a stablecoin, citing new legislative clarity from the GENIUS Act.
  • CEO Brian Moynihan confirms substantial progress but states a launch timeline hinges on clearer regulations and stronger client demand.
  • The bank is considering both independent development and industry partnerships, reflecting a broader trend among major U.S. banks.

Bank of America Corp., the second-largest U.S. bank by assets, is moving forward with plans to develop a U.S. dollar-pegged stablecoin for its clients, a significant step that has been unlocked by advancing regulatory clarity from Washington. The development, confirmed by CEO Brian Moynihan, signals a major shift as traditional finance giants prepare to enter the digital asset arena in earnest.

“Legislative clarity allows us to develop a stablecoin for our clients, either on our own or working with the industry,” a senior executive said, according to people familiar with the matter. This push follows the recent passage of the GENIUS Act by Congress, which establishes a comprehensive regulatory framework for payment stablecoins and provides the legal certainty large banks have been waiting for.

While development is well underway, the bank is taking a measured approach. Moynihan emphasized that a specific launch date is contingent not only on the final regulatory landscape but also on demonstrable client demand, which is currently described as moderate. The bank is not prepared to rush to market until both conditions are firmly met, a strategy that underscores the cautious yet deliberate pace of adoption on Wall Street.

The move places BofA alongside peers like JPMorgan Chase & Co., Citigroup Inc., and Morgan Stanley, all of which are known to be exploring or developing their own stablecoin offerings. This collective action suggests a sector-wide consensus that blockchain-based payment solutions and digital assets are becoming a strategic imperative for serving both retail and institutional clients. For BofA, the initiative is seen as a way to modernize cross-border payments, institutional settlements, and other financial transactions.

Officials at the bank have reportedly been assessing potential partnership opportunities, though the institution remains prepared to launch a proprietary solution if that proves to be the most viable path. Attempts to reach a bank spokesperson for further comment were not immediately successful.

The development is being closely watched by global regulators and peers, as the entry of a federally regulated U.S. banking behemoth could accelerate the integration of blockchain technology into the mainstream financial system. The long-term implications could reshape payments and settlements, though for now, the focus at BofA remains on a careful, step-by-step rollout aligned with evolving market and regulatory conditions.