# Bank of America to Launch Stablecoin After Congress Acts

*Author: Bankless*
*Published: Feb 26, 2025*
*Source: https://www.bankless.com/fr/read/bank-of-america-to-launch-stablecoin-after-congress-acts-2*

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The U.S.'s second-largest bank, Bank of America, boasting $3.26 trillion in total assets, is prepared to roll out a stablecoin as soon as U.S. lawmakers pass legislation that clarifies how banks can issue dollar-backed tokens.

### What's the scoop? 
- **Legislative Prerequisite: **[CEO Brian Moynihan](https://decrypt.co/307856/bank-america-stablecoin-planned-ceo) said the bank’s stablecoin depends on federal legislation, which lawmakers may pass in the next few months. 
- **Stablecoin Similarities:** Moynihan compared stablecoins to money market accounts, emphasizing full dollar backing and broad payment potential. 
- **Competitor Watch:** JPMorgan already has “JPM Coin,” on the Onyx blockchain, and PayPal pushed ahead with PYUSD. Bank of America’s move could intensify market competition. 
- **Federal Focus: **Senate Banking Committee Chairman Tim Scott (R-SC) has vowed to pass stablecoin legislation, the GENIUS Act, within Trump’s first 100 days. 
- **Business Strategy:** The bank’s $3.26 trillion in total assets underscores the scale of a future “Bank of America (stable)Coin.”
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