Some of the largest U.S. banks, including Bank of America, Citibank, JPMorgan Chase, and Morgan Stanley, are preparing to launch their own stablecoins, according to Reuters.
This news came shortly after the U.S. House of Representatives passed a key procedural vote on a group of crypto-related bills, which included the GENIUS Act bill, which aimed to regulate stablecoins.
Bank of America CEO Brian Moynihan said on Wednesday that the bank is working on launching a stablecoin of its own. He confirmed that the company has already done significant preparation, though he didn’t provide a launch date. “We feel both the industry and ourselves will have responses. We’ve done a lot of work,” Moynihan said.
He said the bank is still trying to understand how much customer demand there is. He also said demand is not very high right now, but they would act when the time is right. He explained that the stablecoin could be launched in partnership with other companies.
In addition to that, Citigroup CEO Jane Fraser also signaled plans to issue a Citi-branded stablecoin aimed at digital payments.“We are looking at the issuance of a Citi stablecoin,” she said during a call with analysts. Fraser added, “This is a good opportunity for us.”
JPMorgan CEO Jamie Dimon, who has often criticized bitcoin, said the bank would also be involved in stablecoins but did not share any specific plans. Morgan Stanley’s Chief Financial Officer Sharon Yeshaya said the bank is keeping an eye on how stablecoins are being used and might use them in the future. “It really is a little early to tell,” she said.
These plans come as U.S. lawmakers begin pushing forward with the set of crypto bills. This bill also includes the CLARITY Act and the Anti-CBDC Act. If passed, the bill would make it easier for banks to use stablecoins in everyday finance. Moynihan said the delay in launching the coin is because banks are still waiting for legal clarity.
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