Bank of America, Citigroup, and JPMorgan Eye Stablecoins Amid U.S. Crypto Push
Several major U.S. banks, including Bank of America, Citigroup, and JPMorgan Chase, are exploring the launch of their own stablecoins as the U.S. moves toward more crypto-friendly regulations.
Bank of America CEO Brian Moynihan confirmed on Wednesday that the bank is actively working on a stablecoin, although he did not provide a timeline. “We feel both the industry and ourselves will have responses. We’ve done a lot of work,” Moynihan said during a post-earnings conference call. He added, “We are still trying to figure out how big or small it is, because in some places there are not big amounts of money movement. So you would expect us all to move, our company to move on that.”
Stablecoins, which are cryptocurrencies typically pegged to fiat currencies like the U.S. dollar, are commonly used to facilitate trading between digital assets. Despite low current demand, Moynihan noted that Bank of America is monitoring client interest and will likely launch a stablecoin when the time is right—potentially in collaboration with other industry players. He drew a parallel between banks’ stablecoin plans and their adoption of peer-to-peer payment platforms such as Zelle and Venmo.
Legal uncertainty remains a hurdle, Moynihan acknowledged, saying it has slowed progress: “The banks are still awaiting legal clarity,” he said.
Meanwhile, Citigroup CEO Jane Fraser indicated similar ambitions. “We are looking at the issuance of a Citi stablecoin,” Fraser said after the bank’s earnings report on Tuesday. “This is a good opportunity for us.”
Morgan Stanley is also watching developments closely. Chief Financial Officer Sharon Yeshaya commented, “We’re looking both at the landscape, the uses, and the potential uses for our own client base. But, it really is a little early to tell, especially for the businesses we run versus businesses that you might see from competitors, on how a stablecoin would play in.”
JPMorgan Chase CEO Jamie Dimon, despite his well-known skepticism of bitcoin, stated earlier this week that the bank will be involved in stablecoins, though he did not elaborate.
These developments come as the U.S. government signals a shift toward mainstream crypto integration. Former President Donald Trump has positioned himself as the “crypto president,” and a series of crypto-friendly bills is moving through Congress. One of the most significant is legislation to establish a regulatory framework for stablecoins, which could soon reach Trump’s desk for approval.
