Bank of America plans to launch stablecoin, says CEO

Link copied

Bank of America plans to launch stablecoin, says CEO

crypto :: 2025-03-04 :: source - reuters

By Mehab Qureshi

A Bank of America logo is seen on the entrance to a Bank of America financial center in New York City, U.S. REUTERS/Brendan McDermid/File Photo

Bank of America is preparing to launch its own stablecoin once regulations allow it, according to CEO Brian Moynihan.

Speaking at the Economic Club of Washington, D.C., Moynihan said the bank is interested in entering the space but is waiting for legal clarity.

“It’s pretty clear there’s going to be a stablecoin,” Moynihan said. “If they make that legal, we will go into that business.”

With pro-crypto policies expected under Donald Trump’s administration, regulatory changes could soon make it possible for financial giants like Bank of America to issue their own digital currencies. Moynihan noted that a dollar-pegged stablecoin issued by the bank could have multiple uses, though he did not specify how it would be implemented.

Recommended stories

“The question of what it’s useful for is going to be interesting,” he noted.

Bank of America was the first in the U.S. to launch a mobile banking app for the iPhone, a move that was considered groundbreaking at the time.

“Back then it was an unusual thing to have an app. Everybody went to the websites. So that took off. We now have 40 million consumers who bank digitally with us all the time,” Moynihan said.

Stablecoins are digital assets designed to maintain a stable value by being pegged to traditional currencies like the U.S. dollar.

At the time of writing, the total stablecoin market capitalization stands at approximately $231 billion, reflecting a 1.4% decline in the last 24 hours. Tether (USDT) remains the dominant stablecoin with a market cap of $141.9 billion, followed by USDC at $56.1 billion.