Major US financial institutions are moving forward with stablecoin strategies in anticipation of a clearer federal regulatory framework. Bank of America CEO Brian Moynihan confirmed the bank has done significant work on stablecoins and is preparing to move forward, positioning itself to act once regulations are formalized. This follows moves by other major players like JPMorgan, which already operates its JPM Coin for internal and wholesale use.

The industry-wide shift is not tied to a specific piece of legislation like the erroneously named 'GENIUS Act' mentioned in initial reports, but rather a broader expectation of forthcoming stablecoin laws that will provide legal clarity for bank involvement. While giants like Bank of America and Morgan Stanley are actively exploring these digital assets, others are taking a more measured approach. U.S. Bank, for instance, has indicated it does not see stablecoins becoming a material part of its payments business in the immediate future.

This preparation signals a significant strategic move by traditional finance to integrate blockchain-based payments. By developing in-house capabilities, banks are preparing to compete with crypto-native firms and meet growing client demand for faster, 24/7 transaction settlement, both domestically and cross-border.