The new era for Bank of America: Stablecoins in sight

After a long period of caution regarding cryptocurrencies, Bank of America is shifting its strategy and preparing to enter the stablecoin market, provided that U.S. regulations allow it. This move follows similar decisions by international banks such as Société Générale and Standard Chartered, which have launched stablecoins backed by the euro and the Hong Kong dollar.

Currently, JPMorgan is the leader in exploring blockchain payments, but Bank of America aims to catch up by leveraging its robust infrastructure to offer clients a stable and secure solution. The bank’s proposed model resembles Revolut’s strategy, which already allows customers to buy, sell, and manage stablecoins directly within its app.

With the stablecoin market surpassing Visa and Mastercard in annual transaction volume, it’s clear that traditional banks must adapt. If the Genius Act is approved, competition among banking giants in this space will become even fiercer.