Bank of America is taking early steps to explore stablecoins as a way to modernize its payment systems and handle trillions of dollars in client transactions more efficiently, the lender’s CEO, Brian Moynihan, said during the bank’s second-quarter earnings call on July 15.
Moynihan emphasized that the firm’s current focus is on using stablecoins “as a transactional device,” noting their potential to streamline how money moves through the bank’s infrastructure each day.
He added that the bank has already done substantial groundwork and is evaluating how scalable the opportunity may be across various transaction types.
While the size of the stablecoin market remains relatively small compared to traditional banking flows, Moynihan signaled that broader adoption may come as regulatory clarity improves.
The bank has been assessing the space since early 2025 and has reportedly discussed the potential joint issuance of a stablecoin with other major U.S. institutions, including JPMorgan and Citigroup.
Stablecoin growth outpaces traditional networks
The announcement comes amid a broader shift in legacy finance toward stablecoin-backed payment rails. In 2024, stablecoin transaction volumes surpassed the combined totals of Visa and Mastercard.
Since then, the value of stablecoins in circulation has surged to $257 billion, nearly double the level from early 2023. Tether’s USDT and Circle’s USDC now make up over 85% of that total.
US lawmakers have responded to the sector’s rapid rise by pushing for a clearer regulatory framework. The GENIUS Act, the centerpiece of the current administration’s digital asset agenda, passed the Senate in June with bipartisan support.
However, the bill stalled in the House this week after lawmakers blocked a procedural vote. A floor vote is expected by July 17.
As major institutions increasingly turn to blockchain-based rails, Bank of America’s cautious but active approach signals that Wall Street’s largest players may be preparing to make stablecoins a cornerstone of future settlement systems.
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