What to know:
- Bank of America has been working on stablecoin development and expects to move forward, according to CEO Brian Moynihan.
- Moynihan’s comments come as Congress weighs the GENIUS Act, a bill aimed at regulating the stablecoin industry.
- JPMorgan and Citigroup have also confirmed they are exploring stablecoin initiatives as major U.S. banks deepen involvement in digital assets.
In a truly thrilling turn of events, Bank of America (BofA) has decided to dabble in the world of stablecoins. CEO Brian Moynihan revealed this masterstroke on Wednesday, assuring the world that the bank has already done *a lot* of groundwork, just waiting for the perfect moment to pounce—because, clearly, the world needs more digital currency drama. 🏦
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Now, while others might have been eagerly jumping into the crypto party, BofA is *still* taking their sweet time. Moynihan admitted that the bank is *still* trying to figure out just how big (or small) this stablecoin thing might get. How quaint! Apparently, there are places where the money just doesn’t flow like a river, so BofA will only make its move once it *really* knows the size of the opportunity. Let’s all wait with bated breath. 💸
And what does this grand strategy mean for the masses? Well, according to the big boss, the stablecoin would likely be launched in partnership with other firms. But, of course, that would only happen once “clearer client demand” is crystalized—which, let’s be honest, might take a while. 😒
In the meantime, the legislative world is having its own little soap opera. Congress is slowly inching towards passing the GENIUS Act—because who wouldn’t want a bill with such a majestic name? The Senate passed it in June, but alas, it stalled in the House this week. How utterly *shocking* that things don’t move swiftly in government. 🏛️
Meanwhile, while BofA is over here trying to “figure things out,” the rest of Wall Street is clearly in no mood to wait. JPMorgan Chase’s Jamie Dimon—who has his *doubts* about stablecoins—said the bank will be “involved” in the stablecoin business regardless. So, in other words, they’re doing it for fun. 💁♂️ Meanwhile, Citi’s Jane Fraser confirmed that her firm is also exploring its own digital dollar. Who knew stablecoins could stir up such a frenzy? 💰
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2025-07-16 19:31