BOA boss Brian Moynihan likened the proposed stablecoin to a money market fund with check access or a bank account, emphasizing its potential to integrate with traditional banking systems. The move may depend on the passage of the Lummis-Gillibrand Payment Stablecoin Act (S.4155), introduced in April 2024, which remains pending in the Senate Committee on Banking, Housing, and Urban Affairs as of Feb. 26, 2025.

The bipartisan bill aims to regulate stablecoins, mandating reserves, banning algorithmic models, and preserving dual federal-state oversight. Bank of America’s plans align with its technological investments, including blockchain patents and a $4 billion annual tech budget. Moynihan noted operating a stablecoin system could cost $8–9 billion yearly, signaling the bank’s readiness to scale infrastructure if regulations permit. The stablecoin would be fully backed by U.S. dollars or equivalents like Treasuries, mirroring a bank account balance to ensure price stability.

The stablecoin legislation and other stablecoin bills face uncertainty amid debates over consumer protections and systemic risks. Critics argue the S.4155 bill lacks strong federal deposit insurance safeguards, while supporters, including sponsors Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY), say it promotes innovation and dollar dominance. Other proposals, like the stalled Stablecoin Transparency Act, focus on issuer reporting but lack S.4155’s comprehensive scope.

If enacted, the law would allow Bank of America to offer BofA-styled dolla-pegged coins tied to customer deposit accounts, potentially transforming digital payments. The bank’s mobile app and blockchain capabilities position it to leverage such a product, though Moynihan stressed legal clarity is essential before launch.

The stablecoin market, valued at $224 billion in 2025, reflects growing demand for crypto-transaction stability. However, Bank of America’s entry hinges on a legislative breakthrough in a divided U.S. Congress, where crypto bills historically face delays. Although, for now, the branches are in Republican control, which for the most part, have been friendly toward crypto legislation in recent times.

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