BoA is researching stablecoins to help transfer trillions of customer transactions

Bank of America (BoA) is exploring stablecoin to improve payment infrastructure using blockchain technology. In the second quarter earnings call, CEO Brian Moynihan stated that the bank is focused on using stablecoin as a means of transaction, aiming to transfer trillions of dollars of customer assets daily. BoA has considered the issuance of a stablecoin jointly with other major banks such as JPMorgan and Citigroup, and will proceed if there is supportive legislation.

In the second quarter, BoA reported a net profit increase of 3% to $7.12 billion, while revenue rose 4% to $26.61 billion. The stablecoin market is growing rapidly, with trading volumes surpassing Visa and Mastercard by 2024. The GENIUS Act on stablecoins has received support but faced obstacles in the House of Representatives.