Several major U.S. banks are reportedly preparing to launch their stablecoins as momentum builds around cryptocurrency legislation in Washington.
According to Reuters, financial giants including Bank of America, Citibank, JPMorgan Chase, and Morgan Stanley are exploring stablecoin offerings to stay competitive in the evolving digital payment landscape.
The news follows a key procedural vote in the U.S. House of Representatives, which advanced a package of crypto-focused bills, including the GENIUS Act — a proposal aimed at regulating stablecoin issuance and usage.
Bank of America CEO Brian Moynihan confirmed the bank has already done considerable groundwork for a potential stablecoin, though he noted that customer demand remains relatively low for now. “We’ve done a lot of work,” he said, adding that the bank may consider partnerships when the time is right.
Meanwhile, Citigroup CEO Jane Fraser stated that her bank is actively exploring the launch of a Citi-branded stablecoin aimed at simplifying digital payments. “This is a good opportunity for us,” she said.
JPMorgan’s Jamie Dimon, long known for his scepticism toward Bitcoin, acknowledged the bank’s involvement in stablecoins but declined to share specifics. Morgan Stanley CFO Sharon Yeshaya echoed a cautious stance, saying it’s “a little early to tell” how the bank might proceed.
While these institutions await legal clarity before moving forward, the push from lawmakers could soon open doors. Alongside the GENIUS Act, the CLARITY Act and the Anti-CBDC Act are also under consideration. If enacted, the bills would make it easier for banks to issue and integrate stablecoins into traditional financial operations.
