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Bank of America Plans to Launch USD-Backed Stablecoin Once US Stablecoin Laws Are Passed
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Bank of America Eyes Stablecoin Launch as US Regulation Nears
Bank of America is ready to jump into the stablecoin space, with CEO Brian Moynihan stating that the bank will introduce its own USD-backed digital currency once lawmakers give the greenlight.
Speaking at The Economic Club of Washington, D.C., Moynihan made it clear that regulatory approval is the only hurdle standing in the way of what he referred to as “Bank of America Coin.”
A Step Into Digital Currency
During his discussion with businessman and philanthropist David Rubenstein, Moynihan highlighted the inevitability of stablecoins in the financial sector.
He acknowledges the ongoing efforts in Washington to establish a legal framework, stating,
“It’s pretty clear there’s going to be a stablecoin, which is going to be fully dollar-backed. If they make that legal, we will go into that business.”
Bank of America, the second-largest bank in the US with $3.26 trillion in total assets, could become the first major financial institution to fully integrate stablecoins into its services.
Moynihan likened stablecoins to money market funds and bank deposits, suggesting that they could serve as an alternative form of digital cash.
Lawmakers Push for Stablecoin Regulation
The regulatory landscape for stablecoins in the US has been a subject of debate for years.
However, recent political developments suggest that a legal framework could soon be established.
Earlier this month, Senate Banking Committee Chairman Tim Scott stated his commitment to passing stablecoin legislation within President Donald Trump’s first 100 days in office.
With the US stablecoin market already valued at approximately $232 billion, a clear regulatory pathway could encourage further participation from major financial players.
Payment firms such as PayPal have already taken steps into this space without federal guidelines, launching their own stablecoins like PYUSD in 2023.
Stablecoins as a Banking Asset
Moynihan distinguished stablecoins from other digital assets like Bitcoin and blockchain technology, emphasising their closer resemblance to traditional banking products.
He explained,
“It’s no different than a money market fund with check access… is no different than a bank account.”
He also noted that Bank of America’s stablecoin would be directly linked to customer deposit accounts, allowing seamless movement between traditional dollars and the digital equivalent.
He said,
“So you’ll have a Bank of America coin and a U.S. Dollar deposit, and we’ll be able to move them back and forth because now it hasn’t been legal for us to do it, but it’s just like another foreign currency.”
Rival Banks and the Competitive Landscape
While Bank of America signals its intention to enter the stablecoin sector, its largest competitor, JP Morgan, has already taken steps in this direction.
JP Morgan introduced “JPM Coin” in 2020 as part of its Onyx blockchain initiative, enabling cross-border transactions between banks.
While JPM Coin is primarily used within institutional settings, Bank of America’s entry into the market could bring stablecoins into mainstream consumer banking.
Meanwhile, the world’s largest stablecoin, Tether’s USDT, dominates the market with a $141.9 billion valuation, accounting for over 60% of all stablecoin assets, according to CoinGecko data.
As regulatory efforts gain momentum, stablecoins could soon become an integral part of the US financial system.
With Bank of America preparing to enter the sector, competition among major banks and financial firms is expected to intensify.
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