Source: cryptoslate

Translation: Blockchain Knight

Brian Moynihan, CEO of Bank of America, stated during the second-quarter earnings call on July 15 that the bank is taking early steps to explore the use of stablecoins to modernize its payment systems and process trillions of dollars in customer transactions more efficiently.

Moynihan emphasized that the company's current focus is on "using stablecoins as a transaction tool" and noted that stablecoins have the potential to simplify the flow of funds within the bank's infrastructure on a daily basis.

He added that the bank has already conducted a significant amount of groundwork and is assessing the scalability of this opportunity across various transactions.

Although the size of the stablecoin market remains relatively small compared to traditional banking flows, Moynihan stated that stablecoins could see broader adoption as regulatory clarity improves.

It is reported that the bank began evaluating this area in early 2025 and has discussed the possibility of jointly issuing stablecoins with other major U.S. institutions such as JPMorgan and Citigroup.

As this news comes to light, the traditional financial industry is undergoing a broader shift towards stablecoin-supported payment channels. In 2024, the trading volume of stablecoins surpassed the combined trading volume of Visa and Mastercard.

Since then, the value of circulating stablecoins has surged to $257 billion, nearly double the levels seen at the beginning of 2023. Tether's USDT and Circle's USDC currently account for over 85% of the total stablecoin supply.

U.S. lawmakers have responded to the rapid rise of the industry by pushing for a clearer regulatory framework. The core legislation of the current government’s digital asset agenda, the "GENIUS Act," received bipartisan support and passed in the Senate in June.

However, this week the bill faced obstacles in the House of Representatives, where lawmakers rejected a procedural vote. A full vote is expected on July 17.

As major institutions increasingly turn to blockchain-based payment channels, Bank of America's cautious yet proactive stance indicates that Wall Street giants may be preparing to position stablecoins as a core pillar of future settlement systems.

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