Bank of America (BofA), the second-largest U.S. bank, is preparing to enter the stablecoin market but is taking a cautious approach by prioritizing client demand and awaiting clear regulatory guidance.
CEO Brian Moynihan confirmed that the bank has made substantial progress toward launching its dollar-pegged stablecoin but has yet to finalize the timing for the rollout.
Some big US banks plan to launch stablecoins, expecting crypto-friendly regulations https://t.co/1Ja8aaJNc6 https://t.co/1Ja8aaJNc6
— Reuters (@Reuters) July 16, 2025
Moynihan emphasized that the bank has “done a lot of work” on the project and remains optimistic about moving forward soon, provided that the legal frameworks are conducive. The bank’s strategy involves closely monitoring client interest in stablecoins, which currently remains muted. Moynihan pointed out that BofA intends to introduce its stablecoin only when customer demand is sufficiently strong, likely through partnerships with other financial players to facilitate adoption and ensure market readiness.
The cautious stance reflects broader uncertainty within the banking sector as major institutions await clearer rules from U.S. regulators. This comes amid ongoing legislative developments, including the GENIUS ACT bill, which aims to establish stablecoin regulatory frameworks. Although the bill recently stalled after a House vote of 196–222, momentum among some lawmakers continues, with 11 of 12 representatives agreeing to support the legislation, signaling potential future progress.
Other leading banks are also exploring stablecoins and crypto strategies. Citigroup has announced plans to issue its stablecoin and is expanding services, including crypto custody and reserve management. Meanwhile, Morgan Stanley is evaluating how stablecoins could benefit its clients but remains cautious about immediate opportunities.
The measured approach by these institutions highlights how U.S. banks are striking a balance between innovation and regulatory compliance, ensuring that any stablecoin launch aligns with both market demand and legal clarity. As stablecoins gain increasing prominence in the cryptocurrency ecosystem, the decisions made by major U.S. banks will likely influence the broader adoption trajectory of these digital assets in traditional finance.
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