Bank of America CEO explores stablecoins after key crypto legislation passes, with potential for collaboration

From Yahoo Finance: 2025-06-11 14:00:00

Bank of America CEO, Brian Moynihan, plans to explore stablecoins after key crypto legislation passes. Stablecoin prices are pegged to assets like the US dollar, aiming for stability in payments. Moynihan intends to wait for legislation before moving forward with a stablecoin launch. Bank’s investment banking may decline by over 20% in Q2, while trading revenue is expected to increase.

Legislation for stablecoins, like the Genius Act, is making progress in the Senate with notable amendments proposed. The Clarity Act, focusing on digital asset market regulation, is yet to reach the House floor. Senate Majority Leader Thune has blocked voting on amendments, delaying the process. Both bills aim to set rules for stablecoin issuance and overall market regulation.

President Trump aims to pass stablecoin legislation quickly, hoping for approval before Congress’s recess in August. Investors welcomed Circle’s public listing on the NYSE, with stocks doubling on the first day. Wall Street banks are considering competing with Circle in the stablecoin market. BofA collaborates with other banks on stablecoin efforts.

JPMorgan Chase, Wells Fargo, Citigroup, and PNC met to discuss offering stablecoins collaboratively. A Zelle-like stablecoin network is being considered. PNC CEO Demchak will lead the collaboration, exploring new payment options. Moynihan downplays the potential for stablecoins, emphasizing the challenge of changing payment behavior.

Bank of America CEO Brian Moynihan participates in discussions about stablecoins and the future of banking. Stablecoin legislation progresses in the Senate, with potential amendments to ensure fair competition and regulation. Wall Street banks are exploring stablecoin offerings collectively, signaling a potential shift in the financial landscape.



Read more at Yahoo Finance: Bank of America: In on stablecoins?