According to a report by Reuters on June 11th, Brian Moynihan, the CEO of Bank of America, confirmed that the bank plans to issue a stablecoin pegged to the US dollar and is conducting internal construction work together with other industry participants.
Moynihan added that any progress in the potential issuance would depend on the upcoming federal regulations. He also told investors that although demand remains uncertain, banks “must be prepared”. He mentioned that US lawmakers are discussing a piece of legislation that “will help us figure out if it really has commercial prospects”, referring to a bill that would create uniform requirements for the quality of stablecoin reserves, redemptions and disclosures.
These remarks indicate that as the second-largest bank in the United States, Bank of America intends to keep pace with its peers in exploring tokenized deposits, but will only take action when a clear regulatory framework exists.
Meanwhile, the US Senate is rapidly advancing the GENIUS bill. The full name of this Act is “Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025”. The bill stipulates that only institutions approved by the federal or state authorities can issue stablecoins, and they must be pegged 1:1 to assets such as the US dollar and short-term US Treasuries. If the Senate passes the bill and it is voted through by the House of Representatives, it may accelerate the formulation of the regulatory framework for stablecoins and provide clear rules and guidance for institutions such as Bank of America to issue stablecoins.
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