Bank of America, Citigroup, and JPMorgan Eye Stablecoins Amid U.S. Crypto Push

Several major U.S. banks, including Bank of America, Citigroup, and JPMorgan Chase, are exploring the launch of their own stablecoins as the U.S. moves toward more crypto-friendly regulations.

Bank of America CEO Brian Moynihan confirmed on Wednesday that the bank is actively working on a stablecoin, although he did not provide a timeline. “We feel both the industry and ourselves will have responses. We’ve done a lot of work,” Moynihan said during a post-earnings conference call. He added, “We are still trying to figure out how big or small it is, because in some places there are not big amounts of money movement. So you would expect us all to move, our company to move on that.”

Stablecoins, which are cryptocurrencies typically pegged to fiat currencies like the U.S. dollar, are commonly used to facilitate trading between digital assets. Despite low current demand, Moynihan noted that Bank of America is monitoring client interest and will likely launch a stablecoin when the time is right—potentially in collaboration with other industry players. He drew a parallel between banks’ stablecoin plans and their adoption of peer-to-peer payment platforms such as Zelle and Venmo.

Legal uncertainty remains a hurdle, Moynihan acknowledged, saying it has slowed progress: “The banks are still awaiting legal clarity,” he said.