On July 17, Reuters reported that Bank of America CEO Brian Moynihan said the bank is preparing to launch a stablecoin, and investors can expect Bank of America to take action in the cryptocurrency space, but Brian Moynihan did not provide a specific timeline.

Moynihan said, "As the second largest bank in the United States, Bank of America believes that the industry and itself will take action. We have done a lot of work and are still trying to figure out the size of stablecoins, because the size of capital flows in some areas is not large. Bank of America is trying to understand customer needs and will launch stablecoins at the appropriate time, possibly in cooperation with other institutions. The bank is still waiting for legal clarity, which is why progress is slower than some investors expect."

Morgan Stanley CFO Sharon Yeshaya also said today that they are closely monitoring the development of stablecoins, "We are looking at the market and the potential uses of stablecoins for our customer base, but it is still too early."