Bank of America is evaluating the use of Tether’s USDT stablecoin to modernize its payment infrastructure. CEO Brian Moynihan revealed the initiative during the bank’s second-quarter earnings call, positioning it as a strategic advancement amid evolving financial technologies.
The financial institution is collaborating with peers including JPMorgan and Citigroup on stablecoin applications, reflecting broader industry momentum toward digital-asset integration. This trend unfolds against a stablecoin market that reached $257 billion in 2023, largely dominated by USDT and Circle’s USDC.
Potential regulatory clarity could emerge through the bipartisan GENIUS Act, which aims to establish frameworks for stablecoin oversight. Bank of America’s exploration coincides with robust financial performance, including a 3% net income increase to $7.12 billion and 4% revenue growth to $26.61 billion, enabling strategic technology investments.