American Banking Giants Join the Stablecoin Race

As the United States has just crossed a decisive milestone by passing several unprecedented laws governing stablecoins in the House, major American banks are already sharpening their strategy. Bank of America, Citigroup, and JPMorgan are quietly preparing to launch their own stablecoins.

Bank of America and Citigroup are secretly preparing their private stablecoins

Bank of America set the tone this week. Brian Moynihan, CEO of the second largest American bank, confirmed that the institution is actively working on developing a stablecoin.

“We feel both the industry and ourselves will have responses. We’ve done a lot of work,” he said during a conference call with analysts.

This stance marks a symbolic turning point. Long reserved for crypto-native players, stablecoins are now attracting the attention of traditional finance giants. Wall Street no longer wants to remain on the sidelines of this booming market.

However, caution remains. Moynihan compares banks’ growing interest in stablecoins to the gradual adoption of payment solutions like Zelle or Venmo. A transition he sees as natural, driven by evolving usage and institutional client expectations.

Citigroup does not hide its ambitions. Indeed, Jane Fraser, the bank’s CEO, spoke of issuing a “stablecoin Citi” aimed at facilitating digital payments.

“We are looking at the issuance of a Citi stablecoin. This is a good opportunity for us,” she stated last Tuesday during the publication of quarterly results.

The perfect timing of a transforming industry

The political context favors these projects. Donald Trump, who proclaimed himself as the “president of crypto,” created an environment conducive to the development of digital assets.

Yesterday, the House of Representatives also voted on three crucial laws for the American crypto ecosystem, notably the GENIUS Act, which specifically regulates stablecoins.

Faced with these advances, some banks still prefer to observe. This is the case for Morgan Stanley. Its CFO, Sharon Yeshaya, indicated:

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.

This wait-and-see strategy remains widely shared by the banking sector as long as the regulatory environment remains uncertain.

Even JPMorgan Chase, led by Jamie Dimon, known for his hostility to bitcoin, does not rule out getting involved. The CEO confirmed Tuesday that the bank would be involved in stablecoins, without revealing details on timing or strategy.

Despite these signs of openness, major banks remain waiting for legal clarification. Brian Moynihan (BofA) admitted that the progress of his project was slower than expected due to the lack of clear rules ahead. Like many traditional institutions, he refuses to fully commit without a stable legal framework.

However, this waiting period may soon come to an end. Between recent legislative advances and the resolutely pro-crypto attitude of the Trump administration, a new phase seems to be unfolding for American finance.

In the same vein, the White House is preparing an executive order to authorize the inclusion of bitcoin in 401(k) retirement plans, thus paving the way for even broader institutional adoption.