Looks like Bank of America isn’t in any rush to jump on the stablecoin bandwagon, at least, not until the regulatory fog clears up. During their earnings call on Wednesday, CEO Brian Moynihan reaffirmed the bank's cautious approach, saying that while they’ve "done a lot of work" looking into stablecoins, the business case isn’t exactly knocking anyone’s socks off.
In typical Brian fashion, he downplayed any immediate need for stablecoins, stating:
“We are not seeing, you know, clients knocking on the door and saying, please give me this right now.”
So, basically, don’t expect any rush for those dollar-backed tokens just yet.
Moynihan’s thoughts stand in stark contrast to his earlier statements from February, where he casually suggested that if regulations allowed, Bank of America would "go into that business", as if stablecoins were just another opportunity at the local convenience store. But now, it seems they’re waiting for clear legal frameworks and, you know, some actual demand to justify it.
Meanwhile, Citi’s Over Here Jumping In
While Bank of America is busy sitting on the sidelines, Citi is already testing the waters. CEO Jane Fraser told analysts this week that Citi is actively exploring the idea of issuing its own stablecoin for cross-border payments. Sounds like a solid "we're in" moment, right? Meanwhile, other major banks like JPMorgan and Wells Fargo are getting curious, with JPMorgan even confirming they’ll engage with stablecoins (even though Jamie Dimon still sounds like he’d rather just let them be).
It seems like Wall Street’s big guns are circling the stablecoin space, but not all are ready to dive in headfirst. In May, The Wall Street Journal reported that Citi, JPMorgan, Wells Fargo, and Bank of America had discussed launching a joint dollar-pegged token. So, we’re talking about some serious FOMO here, but with Bank of America still a little hesitant on the whole thing.
The Ongoing Stablecoin Saga
But, of course, the stablecoin drama isn’t just about what banks are saying, it’s also about what lawmakers are doing (or not doing). Hopes for clear U.S. crypto legislation are currently stalled after the House's so-called "Crypto Week" unraveled. A key vote to advance three major crypto bills failed, causing some chaos in the crypto-crazed streets of Capitol Hill.
The failed bills include the GENIUS Act, aimed at regulating stablecoins, and the CLARITY Act, which was supposed to provide a broader framework for crypto. Unfortunately, Republicans couldn’t get their act together, with 13 hardliners rebelling against the bills. But don’t worry, President Trump swooped in to save the day, reportedly persuading the dissenters to fall in line. Still, Rep. Marjorie Taylor Greene isn’t having it, claiming that the bills don’t do enough to protect against government overreach into digital currencies.
By Wednesday night, things were looking a little more optimistic, with Rep. Andy Harris announcing a deal to advance the crypto agenda. But stay tuned, another procedural vote is coming up Thursday, so the drama isn’t over yet.
House Freedom Caucus Members reached an agreement tonight to advance the President’s cryptocurrency agenda and, as part of this agreement, the National Defense Authorization Act (NDAA) will include strong anti–Central Bank Digital Currency (CBDC) protections in this must-pass…
— Rep. Andy Harris, MD (@RepAndyHarrisMD) July 17, 2025
Stablecoins might be in limbo for now, but one thing’s clear: banks and lawmakers are playing a game of "who can move first," and it’s anyone’s guess who will win this race.
Jordan V.
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