Bank of America is in the early stages to explore Stablecoins, with the aim of taking advantage of Blockchain technology to enhance the payment infrastructure.
During the profit call in the second quarter of the bank, CEO BRIN Moinhan treated questions about the BOA Stablecoin strategy, noting that the initial focus is “on Stablecoins as a transaction device”.
Stablecoin’s payment bars can help move trillion dollars in the client’s assets that flow through their systems every day.
“We believe that if they want to use Stablecoins to transfer part of this money, they will move,” Mounehani, He saidReferring to Stablecoin systems that move US dollars and euros.
He said: “We have done a lot of work. We are still trying to know its larger or small size because of some places are not large sums of the movement of money. So you expect all of us to move.”
BOA has explored Stablecoin’s use actively since early 2025, where Mynihan said at a conference in May of that The bank will move forward If the supportive legislation is enacted. According to the bank’s view, the bank Stablecoin release jointly With other banking giants, such as JPMorgan and Citigroup.
BOA reported mixed financial results in the second quarter. Net income increased by 3 % to $ 7.12 billion, which exceeds expectations, while revenues increased by 4 % to 26.61 billion dollars, slightly lower than expectations.
Stablecoin market is accelerating with ACT with a genius
The Stablecoin market grows rapidly, as industry observers are increasingly “The virtual leveling layer” For the Internet. like Cointelegraph mentionedThe sizes of Stablecoin transaction exceeded those in the visa and MasterCard combined in 2024.
Since then, the total value of Stablecoins has increased to $ 257 billion, or nearly twice the amount at the beginning of 2023. Tether’s Usdt (USDT) And Circle’s USDC (USDC(More than 85 % of the stablecoin market combined.
This growing opportunity prompted the administration of US President Donald Trump to make Stablecoin legislation a priority, the most important of which is the genius law.
Although the bill has gained Supporting the two parties in the Senate Banking Committee The Senate ordered in June, along with other encryption measures, which stopped in the House of Representatives after a group of legislators It prevented a major procedural vote Tuesday.
The genius law is expected to go to a vote in the House of Representatives by Thursday.
Related to: Crypto Biz: Meta’s AI Bet, Portune 500’s Stablecoin Push
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