Bank of America Enters the Stablecoin Race — CEO Makes It Official
2025-07-17 18:11:32
Main Idea
Bank of America (BOA) has endorsed a stablecoin plan under President Trump’s crypto-friendly legislation, with CEO Brian Moynihan indicating the bank will proceed with the plan but without specifying a timeline.
Key Points
1. Bank of America (BOA) has joined institutional bodies supporting a stablecoin plan under President Trump’s crypto-friendly legislation.
2. CEO Brian Moynihan stated the bank will move forward with the plan but did not provide a timeline.
3. Moynihan mentioned the groundwork will begin 'at the appropriate time' and hinted at prior development work.
4. Citigroup, previously skeptical, is also considering issuing its own stablecoin.
5. The House Speaker indicated the stablecoin plan is a 'big priority' for President Trump.
Description
Unlike previous market cycles, where banks have predominantly avoided stablecoins and most other cryptocurrency assets, the sentiment is now towards broader acceptance. As key regulations continue to be reviewed, the adoption landscape is evolving. New Chapters Being Written The news of the plan was shared yesterday by Reuters, with the Bank of America (BOA) joining the ranks of various institutional bodies that have endorsed the stablecoin plan under President Trump’s crypto-friendly legislatio...
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