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Bank of America CEO Brian Moynihan said Wednesday that the bank is exploring a stablecoin launch, but there's no clear timeline yet.
Speaking to Reuters, Moynihan confirmed that the bank has “done a lot of work” behind the scenes to prepare for a potential rollout. While details remain limited, he suggested that investors could expect movement “soon.”
“We feel both the industry and ourselves will have responses. We’ve done a lot of work,” Moynihan said.
Bank of America, the second-largest lender in the U.S., first hinted at launching a dollar-pegged stablecoin back in February.
At the time, the bank highlighted that any rollout would depend heavily on regulatory clarity.
“It’s pretty clear there’s going to be a stablecoin,” Moynihan said then, signaling the bank’s interest, provided legal frameworks align.
CEO Brian Moynihan also mentioned that Bank of America is currently assessing customer interest in stablecoins, which remains relatively low at the moment.
“The bank would roll out a stablecoin at an appropriate time, likely in partnership with other players,” he added.
Progress on the project has been slower than some investors expected, as banks are still waiting for clearer legal guidelines.
In related news, on Wednesday, Trump announced that 11 out of 12 House representatives have agreed to back the GENIUS ACT bill, which aims to create a regulatory framework for stablecoins.
This development follows the House’s 196–222 vote against advancing the bill on Tuesday, which temporarily delayed progress on broader crypto legislation.
On July 15, 2025, Citigroup revealed plans to launch its own stablecoin as part of a wider push into the cryptocurrency space.
In addition to the Citi stablecoin project, the bank is also investigating stablecoin reserve management and developing crypto custody services.
“We are looking at the issuance of a Citi stablecoin. This is a good opportunity for us,” said Jane Fraser, CEO of Citigroup.
Meanwhile, Morgan Stanley is closely monitoring stablecoin developments. CFO Sharon Yeshaya explained that the bank is evaluating potential use cases and the benefits stablecoins could offer its clients.
“But, it really is a little early to tell, especially for the businesses we run versus businesses that you might see from competitors, how a stablecoin would play in,” she noted.
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