Bank of America Eyes Stablecoins After New Laws

At a Morgan Stanley conference, Moynihan confirmed the bank is working with the crypto industry.

He also said the bank understands stablecoins. Still, he said, the second-largest U.S. bank needs legal clarity before it can take action.

Bank of America Waits on Stablecoin Laws

“We’re working with the industry, working individually,” Moynihan said. “But the problem before was that it wasn’t clear we were allowed to do it under the banking regulations.” While Bank of America has shown interest in stablecoins since early 2024, Moynihan made it clear that both the Genius Act and a broader crypto market bill must pass before the bank moves forward.

Two key pieces of legislation are now in play. One is the Genius Act, which outlines how banks and other firms can issue and manage stablecoins. The market infrastructure bill lays out rules for how these assets are traded and used. Both bills are expected to clarify how banks can play a role in the crypto space. This week, the Genius Act was reintroduced in the Senate. A Senate aide says it could pass as early as next week. That timeline raises the stakes for Bank of America as it plans to enter stablecoin services.

Stablecoins Gain Ground as Wall Street Takes Notice

“If they get the Genius Act or the stable act … and then they get the markets infrastructure enablement piece — that will allow us to figure out whether there’s a business proposition,” Moynihan said.

Wall Street’s interest in stablecoins has grown sharply in recent months. Traditional finance firms are exploring how tokenized dollars could reshape global payments, trade finance, and even consumer banking. JPMorgan has already piloted its own tokenized dollar for internal transfers. Circle’s USDC now supports over $12 billion in circulation. Moynihan’s comments signal a broader trend. Stablecoins are moving from crypto experiments to serious financial tools.

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