Bank of America CEO: Delay on Stablecoins Could Let Tech Rivals Eat Banking’s Lunch
Jamie Redman
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Bank of America CEO: Delay on Stablecoins Could Let Tech Rivals Eat Banking’s Lunch
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At a Morgan Stanley event in New York, Bank of America CEO Brian Moynihan revealed that the banking heavyweight is “working with the industry” on launching a stablecoin.
Bank of America Boss Warns: Miss the Stablecoin Shift, and Competitors Will Feast
Bank of America chief Brian Moynihan once again brought up the topic of stablecoins during the conference, according to reporting from Yahoo Finance senior reporter David Hollerith. Moynihan explained at the conference that regulations are integral for the bank to get the ball rolling. As far as stablecoins, Moynihan stated:
If they get the Genius Act or the stable act or anything like that passed,—and then they get the markets infrastructure enablement piece — that will allow us to figure out whether there’s really a business proposition.
The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025) is currently making its way through Congress, aiming to establish the first broad federal rulebook for stablecoins. Bank of America’s CEO shared that the firm has been building its own solutions internally and is “working with the industry,” adding that the bank has “this pretty well understood.”
“The problem before was it wasn’t clear we were allowed to do it under the banking regulations, and there was a lot of mystery about that,” Moynihan insisted, according to the report. Moynihan stressed the bank is unsure how popular stablecoins will be, but knows the organization must be prepared. If they’re used for transactions, banks need those deposits to stay with them, or “you’ll see a major migration of deposits outside the industry.”
According to the Yahoo report, Moynihan wrapped up his thoughts by pointing out that the process isn’t as straightforward as many assume, while also admitting, “This idea that one payment system could take over the world very fast.”
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