Bank of America prepares for dollar stablecoin
Regulatory clarity is shaping the next steps for major banks entering the stablecoin market.
According to CEO Brian Moynihan, Bank of America is developing a dollar-pegged stablecoin. The bank collaborates with industry players but will only move forward once federal regulations are finalised.
Moynihan told investors that readiness is key, even though current demand for such an asset remains unclear.
The timing aligns with progress on the GENIUS Act, which aims to standardise stablecoin rules. The Senate voted to end debate on the bill, setting the stage for a final vote.
Proposed amendments would ensure stablecoins are backed one-to-one by secure assets and clarify the role of non-bank issuers.
Meanwhile, France’s Societe Generale-FORGE has launched a US dollar stablecoin called USD CoinVertible. The Ethereum and Solana-based token follows its earlier euro-backed version and meets the EU crypto rules.
The bank has partnered with BNY Mellon as the reserve custodian and will begin round-the-clock trading in early July.
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