🏛️ Bank of America confirms readiness to issue stablecoin if Congress passes the law
In an interview at the Washington Economic Club, CEO Brian Moynihan stated:
“If they [the U.S. Congress] legalize stablecoin, we will participate in this space.” (CoinDesk)
🔍 Context:
Currently, the U.S. Congress is considering the GENIUS Act, a draft aimed at establishing a legal framework for stablecoin.
According to ABA Banking Journal, the bill has been passed by the Senate Banking Committee and is awaiting a full vote in the coming days.
🧠 If BoA issues a stablecoin?
💵 USD will have a mainstream “crypto counterpart” competing directly with USDT, USDC
🏦 Stablecoin will no longer belong solely to Web3, but will be issued by traditional banks
🔗 This could open a wave of connections between the U.S. financial system and DeFi infrastructure
⚠️ But it should also be noted:
BoA has not announced details about how to issue it, technical standards, or the blockchain used
And if the GENIUS law is applied too rigidly, it may limit stablecoin to a “high-control network” that is not fully open like current crypto
📌 Nevertheless, a statement from a Big 4 bank like BoA is a clear signal:
Stablecoin will not stop at Circle, Tether but will become part of banking.
📚 Source: CoinDesk, Yahoo Finance, ABA Banking Journal