{"id":484749,"date":"2025-06-11T22:33:30","date_gmt":"2025-06-11T21:33:30","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=484749"},"modified":"2025-06-11T23:47:15","modified_gmt":"2025-06-11T22:47:15","slug":"bank-of-america-eyes-dollar-pegged-stablecoin-amid-senate-fast-tracking-genius-act","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bank-of-america-eyes-dollar-pegged-stablecoin-amid-senate-fast-tracking-genius-act\/","title":{"rendered":"Bank of America eyes dollar-pegged stablecoin amid Senate fast-tracking GENIUS Act"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bank of America CEO Brian Moynihan confirmed the lender plans to issue a dollar-pegged stablecoin and is working on an internal build conducted alongside other industry participants, Reuters reported on June 11.<\/span><\/p>\n<p>However, <span style=\"font-weight: 400;\">Moynihan <\/span>added that any progress in a potential launch <span style=\"font-weight: 400;\"> would be contingent on forthcoming federal rules. He also <\/span><span style=\"font-weight: 400;\">told investors the bank &#8220;has to be ready&#8221; even though demand remains uncertain.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He added that US lawmakers are discussing legislation that &#8220;will allow us to figure out whether there's really a business proposition,&#8221; referring to a bill that would create uniform requirements for reserve quality, redemptions, and disclosures.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The remarks signal that the second-largest US lender intends to keep pace with its peers in exploring tokenized deposits but will commit only once a clear regulatory perimeter exists.<\/span><\/p>\n<h2><strong>SocGen issues institutional token<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Across the Atlantic, Societe Generale-FORGE<\/span> <strong><a href=\"https:\/\/cryptoslate.com\/socgen-doubles-down-on-stablecoins-with-usd-launch-and-bny-custody\/\">introduced USD CoinVertible<\/a><\/strong><span style=\"font-weight: 400;\"> on June 10, a US dollar token native to <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> and <a href=\"https:\/\/cryptoslate.com\/coins\/solana\/\">Solana<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The product is the French lender's second stablecoin, following its 2023 euro version, and complies with the EU's Markets in Crypto-Assets framework. SG-FORGE appointed BNY Mellon as reserve custodian and will publish daily collateral breakdowns.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trading through multiple brokers is scheduled to begin in early July, with 24-hour conversion between dollars, euros, and the token. CEO Jean-Marc Stenger said client demand for round-the-clock settlement made a dollar instrument &#8220;the obvious next step.&#8221;<\/span><\/p>\n<h2>Senate advances GENIUS Act<\/h2>\n<p><span style=\"font-weight: 400;\">These stablecoin developments happened as the Senate<\/span> <strong><a href=\"https:\/\/cryptoslate.com\/senates-68-30-cloture-vote-speeds-genius-act-toward-simple-majority-passage\/\">voted 68-30 on June 11<\/a><\/strong><span style=\"font-weight: 400;\"> to invoke cloture on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, ending debate and starting a 30-hour countdown to a final vote that needs only a simple majority.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Majority Leader John Thune launched the post-cloture clock immediately. At the same time, senators prepared to debate a substitute drafted by Senator Bill Hagerty that removes a proposed ban on in-kind redemptions and clarifies oversight of non-bank issuers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Democrats sought these changes after an<\/span> <strong><a href=\"https:\/\/cryptoslate.com\/genius-act-stalls-in-senate-lawmakers-eye-new-proposal-next-week\/\">earlier cloture attempt failed<\/a><\/strong><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The GENIUS Act would require every payment stablecoin to maintain one-to-one backing with high-quality liquid assets, primarily short-dated US Treasuries or insured deposits, and to segregate reserves from operating funds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the Senate adopts Senator Bill Hagerty's amendment and passes the bill, the House could vote on the exact text without convening a conference committee, potentially accelerating enactment.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank of America CEO Brian Moynihan confirmed the lender plans to issue a dollar-pegged stablecoin and is working on an internal build conducted alongside other industry participants, Reuters reported on June 11. However, Moynihan added that any progress in a potential launch would be contingent on forthcoming federal rules. He also told investors the bank [&hellip;]<\/p>\n","protected":false},"author":1511,"featured_media":484777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,1,77968,11,32631,79849],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of America eyes dollar-pegged stablecoin amid Senate fast-tracking GENIUS Act<\/title>\n<meta name=\"description\" content=\"The announcement by BofA&#039;s CEO comes amid regulatory developments in the US, and a move by a European giant in the same direction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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