Bank of America is preparing to enter the stablecoin market, Chief Executive Officer Brian Moynihan said on the bank’s second-quarter earnings call on 16 July. Moynihan told analysts the lender has "done a lot of work" on a U.S. dollar-pegged token and expects both the industry and the bank itself to move forward, although he did not give a launch date. The $3.3 trillion-asset bank is still assessing client demand—described as modest so far—and is likely to issue the coin in partnership with other firms. Moynihan compared the initiative to banks’ adoption of peer-to-peer payment services such as Zelle and Venmo, noting that scale and clear use cases will determine the timing. Bank of America’s stance aligns it with other large U.S. lenders evaluating their own digital tokens. Citigroup has said it may issue a stablecoin for payments, Morgan Stanley is monitoring the space and JPMorgan plans to participate despite Chief Executive Jamie Dimon’s past skepticism of crypto. Wall Street’s renewed interest comes as Congress weighs the GENIUS Act, a bill that would create a national framework for stablecoins. Industry data show about $257 billion worth of stablecoins in circulation, after transaction volumes topped those of Visa and Mastercard last year. Greater regulatory clarity could accelerate banks’ plans to use blockchain-based tokens for settlements and cross-border payments.