Just as the GENIUS Act passed, U.S. banks plan to launch stablecoins
TechFlow Selected TechFlow Selected
Just as the GENIUS Act passed, U.S. banks plan to launch stablecoins
The U.S. second-largest bank intends to keep pace with peers in exploring tokenized deposits, but will not formally commit until a clear regulatory framework is established.
Navigating Web3 tides with focused insightsSource: cryptoslate
Compiled by: Blockchain Knight
On June 11, Reuters reported that Brian Moynihan, CEO of Bank of America, confirmed the bank plans to issue a dollar-pegged stablecoin and is collaborating with other industry players on internal development.
However, Moynihan added that any potential issuance would depend on upcoming federal regulations. He also told investors that while demand remains uncertain, the bank "must be prepared."
He noted that U.S. lawmakers are discussing a bill that "will allow us to determine whether there is a real commercial opportunity," which would establish uniform requirements for reserve quality, redemptions, and disclosures.
These remarks indicate that the second-largest bank in the United States intends to keep pace with peers in exploring tokenized deposits but will not formally commit until a clear regulatory framework is established.
Across the Atlantic, FORGE, a division of French bank Société Générale, launched USD CoinVertible on June 10—a dollar-denominated token natively issued on the Ethereum and Solana blockchains.
The product marks the French bank's second stablecoin following its euro-denominated version introduced in 2023, and complies with the European Union’s Markets in Crypto-Assets (MiCA) framework. SG-FORGE has appointed BNY Mellon as custodian for reserves and will publish daily collateral reports.
Trading through multiple brokers is scheduled to begin in early July, enabling 24-hour conversion among dollars, euros, and the token. CEO Jean-Marc Stenger said customer demand for round-the-clock settlement made a dollar-based instrument the "obvious next step."
Amid these stablecoin developments, the Senate voted on June 11, 68 to 30, to invoke cloture on the GENIUS Act, ending debate and triggering a 30-hour countdown to a final vote, which requires only a simple majority to pass.
Majority Leader John Thune immediately initiated the post-cloture clock. Meanwhile, senators are preparing to debate an alternative bill drafted by Senator Bill Hagerty, which removes previously proposed prohibitions on physical redemption and clarifies regulation for non-bank issuers.
These amendments were requested by Democrats after an earlier cloture attempt failed.
The GENIUS Act would require every payment stablecoin to maintain 1:1 backing with high-quality liquid assets—primarily short-term U.S. Treasuries or insured deposits—and separate reserves from operating funds.
If the Senate adopts Senator Bill Hagerty’s amendment and passes the bill, the House may vote on the same text without convening a conference committee, potentially accelerating enactment.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
@CryptoSlate
