Bank of America (BofA) is preparing to enter the stablecoin market, CEO Brian Moynihan said Wednesday, adding that the bank has already laid the groundwork and expects to act when the time is right.
“We feel both the industry and ourselves will have responses,” Moynihan said during the lender’s second quarter investor call. “We’ve done a lot of work.”
He added that BofA is still gauging how large the opportunity might be and how much customer demand exists. “We are still trying to figure out how big or small it is, because in some places there are not big amounts of money movement. So you would expect us all to move, our company to move on that,” he said.
Moynihan said the bank would likely roll out a stablecoin in partnership with other firms, but only once there is clearer client demand — something he suggested is still emerging.
His remarks come as Congress inches closer to passing legislation to regulate stablecoins. The bill, known as the GENIUS Act, passed the Senate in June but stalled in the House earlier this week when two key provisions failed to advance.
Most of Wall Street isn’t waiting. JPMorgan Chase CEO Jamie Dimon said on Tuesday that the bank will “be involved” in both its deposit coin and other stablecoin efforts despite personal doubts about their utility. Meanwhile, Citi CEO Jane Fraser also confirmed her firm is exploring its own digital dollar.