- Bank of America is developing a stablecoin, pending clarity from U.S. federal regulations.
- The GENIUS Act passed cloture in the Senate advancing stablecoin rules to final vote stage.
- Societe Generale launched a U.S. dollar stablecoin on Ethereum and Solana under EU MiCA rules.
Bank of America CEO Brian Moynihan confirmed that the institution is actively building a dollar-pegged stablecoin. Speaking during a financial conference in New York, Moynihan stated that the bank has been working with other industry participants on internal solutions. He emphasized the importance of upcoming federal regulation in shaping the bank’s next steps.
According to Moynihan, the bank of American must be ready even as customer demand for stablecoins remains uncertain. He noted that pending legislation, including the GENIUS Act, could provide the regulatory clarity necessary to move forward. The act, currently under Senate review, aims to establish a uniform framework for reserve quality, redemption policies, and issuer oversight.
Last month, rumors indicated a potential joint stablecoin initiative involving JPMorgan and other institutions. While that collaboration has not materialized, Moynihan’s remarks confirm that Bank of America continues exploring digital asset products independently and in coordination with partners.
Stablecoin Legislation Gains Momentum in the U.S. Senate
On June 11, the U.S. Senate voted 68-30 to invoke cloture on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The vote initiated a 30-hour countdown toward a final decision. The bill requires stablecoin issuers to maintain one-to-one backing with liquid assets such as U.S. Treasuries and segregate customer funds from operating capital.
Senator Bill Hagerty proposed a revised version of the bill that removes a ban on in-kind redemptions and refines oversight rules for non-bank issuers. This substitute bill has drawn broader bipartisan support and may pass with only a simple majority. If approved, the House could vote on the same version avoiding a lengthy reconciliation process.
Moynihan highlighted this legislative movement as critical. He told investors that regulations must provide the necessary infrastructure to assess whether a stablecoin business model is viable. He also warned that failing to act could allow tech firms and non-bank entities to dominate transaction-based deposits.
Global Banks Push Forward With Stablecoin Initiatives
While U.S. lawmakers work on establishing legal clarity, European banks have already moved ahead. On June 10, Societe Generale-FORGE launched its second stablecoin, USD CoinVertible, on Ethereum and Solana. This U.S. dollar-backed token follows the firm’s euro-pegged product launched in 2023.
The French bank appointed BNY Mellon as its reserve custodian and confirmed that trading through brokers will begin in July. The product complies with the EU’s Markets in Crypto-Assets (MiCA) framework. Clients will have access to 24-hour conversion services between dollars, euros, and the token.
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