Bank of America Joins Stablecoin Rush as CEO Moynihan Says Work Already Underway
2025-07-16 16:19:21
Main Idea
Bank of America is preparing to enter the stablecoin market, with CEO Brian Moynihan indicating the bank will act when the time is right, citing customer demand and ongoing work.
Key Points
1. Bank of America CEO Brian Moynihan announced on a Q2 earnings call that the bank is preparing to enter the stablecoin market.
2. Moynihan stated the bank has done significant work and will act when the timing is appropriate, responding to customer demand.
3. Other major banks like JPMorgan Chase and Citi are also exploring digital assets, indicating broader Wall Street interest in stablecoins.
4. The GENIUS Act, which passed the Senate in June, may influence the regulatory landscape for stablecoins.
Description
Bank of America (BofA) is preparing to enter the stablecoin market, CEO Brian Moynihan said Wednesday, adding that the bank has already laid the groundwork and expects to act when the time is right. “We feel both the industry and ourselves will have responses," Moynihan said during the lender's second quarter investor call. "We've done a lot of work.” He added that BofA is still gauging how large the opportunity might be and how much customer demand exists. “We are still trying to figure out how...
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