INSUBCONTINENT EXCLUSIVE:
Bank of America is in the early stages of exploring stablecoins, aiming to leverage blockchain technology to enhance its payment
a conference in May that the bank would move forward if supportive legislation is enacted
The bank has reportedly considered issuing a stablecoin jointly with other banking giants, such as JPMorgan and Citigroup.Source:
CointelegraphBoA reported mixed financial results in the second quarter
Net income climbed 3% to $7.12 billion, exceeding forecasts, while revenue rose roughly 4% to $26.61 billion, falling slightly short of
Related: Legacy finance discovers stablecoins as JPMorgan, Citigroup consider market entryThe stablecoin market is growing rapidly, with
As Cointelegraph reported, stablecoin transaction volumes surpassed those of Visa and Mastercard combined in 2024.Since then, the total
value of stablecoins in circulation has surged to $257 billion, nearly double the amount at the beginning of 2023
rapidly over the past two years
Source: DefiLlamaThe growing opportunity has prompted the administration of US President Donald Trump to make stablecoin legislation a
priority, chief among them being the GENIUS Act
Although the bill gained bipartisan support in the Senate Banking Committee and passed the Senate in June, it, along with other crypto
measures, stalled in the House of Representatives after a group of lawmakers blocked a key procedural vote on Tuesday.The GENIUS Act is
