Catenaa, Friday, February 28, 2025-Bank of America is considering launching a stablecoin tied to the US dollar, CEO Brian Moynihan said Tuesday, contingent on regulatory approval.
Speaking at the Economic Club of Washington, DC, Moynihan acknowledged the growing role of stablecoins in the financial sector. “It’s pretty clear there’s going to be a stablecoin,” he said, comparing them to money market funds.
He added that Bank of America would enter the space if lawmakers establish a clear legal framework.
The statement come as Wall Street banks reassess their stance on digital assets.
JPMorgan recently expanded its blockchain payment network, and Standard Chartered piloted Mastercard’s Multi-Token Network for secure digital transactions.
Bank of America has long invested in financial technology, allocating $4 billion annually to innovation and $9 billion to system maintenance. Moynihan emphasized that while digital banking dominates transactions, in-person services remain essential for complex financial needs.
Under the current administration, regulators appear more open to integrating blockchain with traditional finance. If Bank of America proceeds with a stablecoin, it could accelerate mainstream adoption of digital currencies.
