Brian Moynihan, the CEO of Bank of America, recently told an audience at the Economic Club of Washington DC that the commercial bank will likely launch a stablecoin if comprehensive legislation is passed in the United States. According to Fortune, the CEO stated, “If they make that legal, we will go into that business.” Moynihan added that the bank could offer dollar-backed tokens linked to customer deposit accounts but did not elaborate on any potential products. Stablecoins are expected to thrive under President Donald Trump’s administration as comprehensive regulations are established to use overcollateralized dollar-pegged tokens to extend US dollar dominance in international trade and bring stablecoin firms onshore.
Stablecoin regulations become priority for US lawmakers Several stablecoin regulatory bills have been proposed by US lawmakers, including the Lummis-Gillibrand Payment Stablecoin Act, the Clarity for Payment Stablecoins Act of 2024, and the GENIUS stablecoin bill. In February 2025, US House Financial Services Committee ranking member Rep. Maxine Waters called for bipartisan regulation on stablecoins. The Congresswoman stated that the stablecoin regulatory bill drafted by former House Financial Services Committee chairman Patrick McHenry in 2024 was preferable to other legislation. The Clarity for Payment Stablecoins Act of 2024, introduced by Senator Bill Hagerty, builds upon Rep. McHenry’s bill with one key distinction. Hagerty included a provision to allow stablecoin issuers with less than $10 billion in market capitalization to be regulated at the state level rather than the federal level.
Federal Reserve governor Christopher Waller said banks should be allowed to issue stablecoins in a Feb. 12 conference. Waller described stablecoins as a chance to overhaul cross-border payments and international commerce — adding that banks and non-banking institutions should be allowed to issue regulated stablecoins. “I am seeing a lot of new, private sector entrants looking to find ways to support the use of stablecoins for retail payments,” the Federal Reserve governor said. The low-cost and near-instant settlement times for stablecoins have made digital fiat tokens the clear choice for remittances and cross-border payments that would normally take days or even weeks to settle and often feature significant transaction costs.