The second largest bank in the United States plans to keep pace with its peers in exploring tokenized deposits, but will only formally invest once a clear regulatory framework is established.

Original source: cryptoslate

Translation: Blockchain Knight

According to a report by Reuters on June 11, Bank of America CEO Brian Moynihan confirmed that the bank plans to issue a stablecoin pegged to the US dollar and is collaborating with other industry participants for internal development.

However, Moynihan added that any potential issuance progress will depend on upcoming federal regulations. He also told investors that although demand remains uncertain, the bank "must be prepared."

He further stated that U.S. lawmakers are discussing a bill that "will allow us to determine whether there is a real business opportunity," which will establish uniform requirements for reserve quality, redemption, and disclosure.

These remarks indicate that the second largest bank in the United States intends to keep pace with its peers in exploring tokenized deposits, but will only formally invest once a clear regulatory framework is established.

Across the Atlantic, the FORGE division of Société Générale launched USD CoinVertible on June 10, a dollar token natively issued on the Ethereum and Solana blockchains.

This product is the second stablecoin from the French bank following the launch of its euro version in 2023 and complies with the EU's Markets in Crypto-Assets (MiCA) framework. SG-FORGE has designated BNY Mellon as the reserve custodian and will publish collateral details daily.

Trading through multiple brokers is set to begin in early July, enabling 24-hour exchanges between the dollar, euro, and the token. CEO Jean-Marc Stenger stated that customer demand for round-the-clock settlement makes the dollar tool "an obvious next step."

As these stablecoins develop, the Senate voted on June 11 with 68 votes in favor and 30 against to initiate the cloture process for the GENIUS Act, ending the debate and starting a 30-hour countdown for the final vote, which can pass with a simple majority.

Majority Leader John Thune immediately initiated the timing procedure following the cloture. Meanwhile, senators are preparing to debate an alternative bill drafted by Senator Bill Hagerty, which removes the previously proposed ban on physical redemptions and clarifies the regulation of non-bank issuers.

After an earlier attempt at cloture failed, Democrats proposed these modifications.

The GENIUS Act will require each payment stablecoin to maintain a 1:1 backing with high-quality liquid assets (primarily short-term U.S. Treasury bills or insured deposits) and separate reserves from operating funds.

If the Senate adopts Senator Bill Hagerty's amendment and passes the bill, the House may be able to vote on the text without convening a conference committee, potentially accelerating the enactment of the legislation.

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