Bank of America, the second-largest bank in the United States, is poised to enter the stablecoin market with a U.S. dollar-pegged token, according to CEO Brian Moynihan. The move is contingent on the passage of stablecoin legislation by Congress. Moynihan likened the proposed 'Bank of America Coin' to a bank account and money market funds, suggesting it would be fully backed by U.S. dollars. Speaking at the Economic Club of Washington with David Rubenstein, Moynihan stated that if legislation is passed, Bank of America would engage in the business. This development marks a significant shift for the bank, which has historically been cautious about entering the cryptocurrency space. Legislation such as the STABLE Act and the GENIUS Act are currently under consideration in Congress, which could pave the way for banks like Bank of America to issue stablecoins. The bank's potential entry into the stablecoin market could influence other financial institutions to follow suit, given Bank of America's substantial $3.3 trillion in assets. Payment firms like PayPal have already introduced their own stablecoins, such as PYUSD, while competitors like JP Morgan have developed JPM Coin for cross-border transactions.