Bank of America CEO Brian Moynihan, has confirmed the bank’s stablecoin initiative even as the U.S. Congress moves closer to crypto-friendly legislation. The bank is emerging as a frontrunner in the race among U.S. financial institutions to enter the stablecoin space. Speaking in a post-earnings conference call earlier this week, CEO Brian Moynihan announced that the bank is actively developing its own stablecoin product, marking one of the most direct commitments yet from a major American lender.
Although Moynihan did not provide a launch timeline, he emphasized that “a lot of work” has already been done on the initiative. He also noted that the project may be pursued in partnership with other players, signaling a collaborative approach in line with how banks adopted platforms like Zelle and Venmo.
“We are still trying to figure out how big or small it is,” Moynihan told analysts, pointing out that client demand is currently limited but expected to grow as regulatory clarity improves.
BofA leads amid policy shift
Bank of America’s stablecoin ambitions come at a pivotal time. A series of crypto-friendly bills are advancing through Congress, including a proposal that would establish a federal regulatory framework for stablecoins. The bill is expected to reach President Trump, who has positioned himself as a supporter of digital asset innovation.
While other banks such as Citigroup, Morgan Stanley, and JPMorgan are also evaluating stablecoin-related strategies, none have spoken as directly or in as much detail as Bank of America.