BofA confirms stablecoin plans as GENIUS and CLARITY bills advance in the House

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Bank of America is preparing to enter the stablecoin space, with CEO Brian Moynihan confirming the firm will partner with select stablecoins, according to a Reuters report.

“We’ve done a lot of work,” Moynihan told analysts on the bank’s earnings call. “You would expect our company to move on that.”

While he gave no firm timeline, he said BofA would likely roll out its stablecoin product in partnership with others once client demand picks up.

He compared the development to the rollout of digital payments platforms like Zelle and Venmo, noting that while current usage volume is limited in some areas, adoption is expected to follow as regulation and consumer use cases mature.

BofA joins a growing list of top US banks signaling movement in stablecoins. Citigroup CEO Jane Fraser said the firm is exploring the issuance of a Citi stablecoin to support digital payments, calling it “a good opportunity for us.”

Morgan Stanley CFO Sharon Yeshaya noted that the firm is evaluating use cases for clients, while JPMorgan CEO Jamie Dimon, a longtime crypto skeptic, acknowledged the bank will be involved with stablecoins, without offering further details.

The timing aligns with rising momentum in Washington. The House on Wednesday voted 215 to 211 to advance the GENIUS Act, which would create a federal regulatory framework for stablecoins, and is expected to vote on final passage later this week, potentially sending it to President Trump’s desk. The CLARITY Act is also in motion, aiming to define regulatory oversight of crypto assets.

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