Bank of America Confirms Stablecoin Plans, Joins Growing List of Wall Street Entrants

Bank of America (BAC) is moving into the stablecoin space. CEO Brian Moynihan confirmed this week that the bank is developing a stablecoin and exploring when and how to launch it. He said partnerships with other firms are likely.

“We’ve done a lot of work,” Moynihan told analysts on a post-earnings call. “We’re figuring out how big or small it should be. But we’re moving.”

A Strategic Shift

Bank of America’s move marks a major shift. Until now, the bank has been cautious about crypto. Now, it wants to be part of the transition toward tokenized dollars and blockchain-based finance. Moynihan said BofA is watching client demand, which is still low, but the bank wants to be ready when it grows.

Like other traditional banks, BofA is waiting on regulatory clarity. Moynihan stressed that the launch would be timed carefully and aligned with legal frameworks.

Other Banks Are Joining Too

BofA isn’t alone. Several other large U.S. banks are now exploring stablecoins:

• Citigroup CEO Jane Fraser confirmed the bank is considering launching a Citi stablecoin to support digital payments.
• JPMorgan CEO Jamie Dimon, once a vocal crypto skeptic, said his bank will also be involved in stablecoins.
• Morgan Stanley CFO Sharon Yeshaya said the firm is watching the space closely, though it’s still “early days” for their use cases.

This week, crypto made its way to several bank earnings calls — a sign that mainstream interest is accelerating.