Major US banks, including Bank of America, JPMorgan Chase, and Wells Fargo, are actively developing stablecoin strategies in anticipation of the 'GENIUS Act,' a proposed regulatory framework for stablecoins in the United States. This move signals a significant shift from viewing stablecoins as a threat to their deposit base to embracing them as an opportunity for innovation and new revenue streams.

The Office of the Comptroller of the Currency (OCC) has already affirmed that national banks can engage in crypto-asset custody and stablecoin activities, providing further regulatory support for this transition. The trend is not limited to the US; in Europe, the Markets in Crypto-Assets (MiCA) regulation allows financial institutions to issue and support stablecoins. This global push is a direct response to the increasing use of stablecoins for cross-border payments and as a hedge against currency volatility in emerging markets. Banks are now exploring various roles within the stablecoin ecosystem, from issuance and custody to distribution and payment orchestration.