Bank of America (BofA) has announced its plans to enter the stablecoin market, with the financial institution setting the foundation for the move and expecting to act when the time is right.
According to Bank of America’s CEO Brian Moynihan, who provided a statement on 16 July 2025, both the industry and the financial institution are set to have responses to the current changes in the market. Additionally, the bank has, until now, done extensive work to enter the stablecoin landscape. Brian Moynihan stated that Bank of America is still determining how large the opportunity might be and how much customer demand exists.
Furthermore, according to Bank of America, the financial institution is likely to launch a stablecoin in collaboration with other organisations, but only once there is clearer client demand, suggesting that this is still emerging.
Regulating stablecoins in the US
The announcement comes during a period in which Congress is closer to passing legislation to regulate stablecoins. Known as the GENIUS Act, the bill passed the Senate in June 2025 but got deferred in the House this week when two provisions could not advance. At the beginning of June, eighteen Democrats voted in favour while two Republicans opposed the measure. One of the key provisions of the GENIUS Act was the establishment of a federal regulatory framework for stablecoins, an area of the crypto sector that had grown substantially in recent years but remained largely unregulated.
Despite Bank of America’s decision to wait for a clearer outcome, other financial institutions have already stated their plans to be involved in stablecoin efforts. For example, JPMorgan Chase mentioned on 15 July 2025 that the bank was set to engage in both its deposit coin and other stablecoin efforts despite doubts about their utility. On the other hand, Citi confirmed that the firm is exploring its own digital dollar.
Other news from BofA
Back at the beginning of 2025, Bank of America and JP Morgan petitioned the White House and Congress after a conservative appraisal. The two financial institutions had been accused by President Donald Trump and others of closing accounts of conservative customers based on political grounds. Bank of America and JP Morgan underlined at that time the need for clearer and more concise guidance from the government on how to supervise money laundering and offer services across a range of sectors and industries.
