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Bank of America Confirms Stablecoin Plans as Senate Fast-Tracks GENIUS Act
- Bank of America is developing a stablecoin contingent on U.S. federal regulations.
- The Senate's GENIUS Act, focused on stablecoin guidelines, advanced to the final vote stage.
- Societe Generale released a U.S. dollar stablecoin under EU MiCA rules on Ethereum and Solana.
- Bank of America CEO Brian Moynihan confirmed the stablecoin's development, stressing the importance of upcoming regulations.
- Moynihan expressed readiness pending regulatory clarity from legislation like the GENIUS Act.
- Speculations on a JPMorgan-led stablecoin initiative did not materialize, but Bank of America continues exploring digital assets.
- The U.S. Senate's cloture vote (68-30) on the GENIUS Act sets the stage for final decision making.
- The proposed bill under review mandates one-to-one asset backing for stablecoins and customer fund segregation.
- Senator Hagerty's revised bill, receiving bipartisan support, aims to refine oversight and remove a ban on in-kind redemptions.
- Bank of America sees regulatory progress as essential, warning of non-bank entities dominating transactions without action.
- Societe Generale's recent stablecoin launch reflects proactive moves by European banks ahead of U.S. regulatory clarity.
- USD CoinVertible, Societe Generale's new stablecoin, offers 24-hour conversion services between dollars, euros, and the token.
- Global banks like Societe Generale push ahead with stablecoin initiatives like USD CoinVertible under EU MiCA framework compliance.
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