American Banking Giants Accelerate Stablecoin Plans Amid Regulatory Breakthrough

Leading American banks such as Citigroup, The Bank of America, and JPMorgan Chase are moving forward with their plans to launch their own stablecoins. Once launched, this will be a historical moment for digital currency innovation and traditional finance. This move became public after a major legislative breakthrough when the House of Representatives passed the GENIUS ACT. It is now the first comprehensive law to govern stablecoins in the United States of America.

The Bill was passed along with two other pro-crypto bills and is part of a broader policy push by the current administration that wants to foster digital asset growth and secure regulatory framework.

Bank of America and Citigroup Join the Stablecoin Race

Bank of America, the nation's second-largest bank, has signaled a significant shift in attitude toward digital currencies. CEO Brian Moynihan confirmed during a recent analyst call that the bank is actively developing its own stablecoin.

“We feel both the industry and ourselves will have responses. We’ve done a lot of work,” Moynihan said, likening the stablecoin push to the gradual adoption of digital payment platforms like Zelle and Venmo.

Citigroup is even more direct in its ambitions. CEO Jane Fraser openly discussed the bank’s intent to issue a proprietary digital token, tentatively referred to as the “Citi stablecoin.”

“We are looking at the issuance of a Citi stablecoin. This is a good opportunity for us,” Fraser said during the release of the bank’s quarterly results, signaling that Citigroup sees digital currency as an essential part of its future strategy.

The timing couldn't be better. The federal government is now more open to crypto and clearer about the rules. The traditional banking sector is getting ready to meet the increased demand for blockchain-based assets and digital payment solutions.

President Donald Trump has called himself the "president of crypto," which has made politics more open to new ideas in finance. Many people perceive his administration's support for the GENIUS Act and other crypto laws as a sign that institutional players can go forward.

Even while many are excited, certain organizations are still being careful. Morgan Stanley’s Chief Financial Officer, Sharon Yeshaya, acknowledged ongoing internal discussions but emphasized the need to study the landscape thoroughly before moving forward.

“As you would expect, we are actively discussing it. We’re looking both at the landscape, the uses, and the potential uses for our own client base,” she said.

Even JPMorgan Chase, led by longtime crypto skeptic Jamie Dimon, appears to be warming to the idea. Dimon confirmed the bank’s interest in stablecoins but remained tight-lipped about its plans.

Still, uncertainty lingers. Bank of America’s Moynihan admitted that the development of their stablecoin is slower than expected due to a still-evolving legal framework. Many banks remain hesitant to fully commit without complete regulatory guidance. Nonetheless, with a clearer legal landscape emerging and major banks taking their first steps into stablecoin territory, a new era for U.S. finance may be on the horizon, one that merges the strength of traditional banking with the innovation of blockchain technology.

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