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.
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.
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.
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.
