Bank of America’s CEO has said he cannot yet state what the bank’s business proposition will be in stablecoins because further clarity on US regulations is required.
Speaking at the Morgan Stanley US Financials Conference on Wednesday (11 June), Brian Moynihan, told delegates that the bank recognises that stablecoins are “a new potential entrant into a payment system” but said further regulatory clarity was required.
“The problem before was it wasn’t clear we are allowed to do it under the banking regulations, and there was a lot of mystery about that,” he said.
“If they get the Genius Act, the Stable Act, or anything like that passed, and then you get the markets infrastructure enablement piece, that clarity will allow us to figure out whether there’s really a business proposition.”
Bank of America has invested resources to exploring the future of digital assets since 2021, when Alkesh Shah, then head of global cryptocurrency and digital asset strategy, launched its first digital asset research report. Shah left the bank in March 2025.
Over the past year, Bank of America made only limited public references to stablecoins on its official website. Based on its 2024 annual report, there is no direct mention of stablecoins or a dedicated section discussing them.
The report, however, does mention digital transformation, operational efficiency, and long-term growth strategies, but it does not elaborate on stablecoin initiatives or positions.
