Bank of America Flirts with Stablecoin Side Hustle (Crypto Mouth Breathers Pump Circle Shares)

By Stocks News   |   1 month ago   |   Stock Market News
Bank of America Flirts with Stablecoin Side Hustle (Crypto Mouth Breathers Pump Circle Shares)

I swear, half the job of writing financial news these days is typing, “Yet another Wall Street giant says it’s ‘looking into stablecoins.’” So here’s me, once again, typing it: Bank of America’s CEO Brian Moynihan went on the Q2 earnings call and basically said, fine, stablecoins exist, and maybe they’ll play nice with them if they have to.

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(Source: Giphy) 

In short, Moynihan’s big reveal on the earnings call was this:  “We’ll partner with some stablecoin networks.” Why? Because BofA moves trillions of dollars daily… old-school wires, cross-border transfers, corporate treasury stuff. Those movements are where they rake in mountains of fees. Now imagine if stablecoins could swoop in and do even 1% of that faster and cheaper. That’s billions of dollars threatening to evaporate from bank profits while crypto startups become even more degenerate to grab a piece of it. 

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(Source: Yahoo Finance) 

This is the tension Moynihan was tap-dancing around on the call. He kept calling stablecoins “a transactional device,” which is about as exciting as labeling tequila “a liquid beverage.” But that's the energy right now. He’s cautiously acknowledging this new rail exists without wanting to appear like he’s chain-smoking memecoins on Pump.fun in the back room. 

Meanwhile, this directly impacted Circle, who is currently mooning +12.91% on the day. If BofA blesses stablecoins, Circle’s USDC is a prime candidate. A big bank partnership could give Circle enough street cred to finally become more than just the company who made IPOs unhinged again in 2025. However, while Wall Street desperately wants the fees and efficiency of crypto payment rails… they don’t want any part of the reputational risk. 

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(Source: Giphy) 

So BofA, and Morgan Stanley (who is also weighing its stablecoin baptism) have been lurking in the shadows, presumably making polite calls with Circle, and only diving in when Congress writes rules thick enough to shield them from headlines about drug dealers buying rocket launchers with stablecoins. Which is understandable, especially considering the stablecoin world already has a trust problem. Perhaps you recall, but Tether’s past shenanigans still hang over the whole space like a suspicious stain on a motel bedspread. Remember the $18.5 million settlement with the NY AG over reserves? Yeah. That’s why everyone’s nervous about a run on stablecoins turning into the next financial panic. The risk is that customers rush to cash out, the stablecoin issuer can’t cover it, and suddenly we’re in Silicon Valley Bank Part Deux. 

Of course, Moynihan admits BofA’s still figuring out how much real demand exists. Because right now, most stablecoin volume is crypto mouth breathers shuffling tokens back and forth through their Phantom wallets. However, the real upside is cross border payments: think sending dollars, swapping them to euros, or stablecoins, in seconds instead of days. Businesses hate waiting three days for a wire and coughing up $50 in fees. Stablecoins could make that process cheaper and instant. Translation: It’s a no-brainer for efficiency. 

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(Source: Imgflip) 

What’s funny though, is that stablecoins have been around for awhile. They aren’t new by any means. But it's just another example of how banks and Wall Street in general will jump through hoops the second something looks mainstream. And right now, it’s stablecoins. To be fair, the Genius Act definitely helped set clearer rules. So now that the rules are official, Wall Street definitely isn’t willing to risk leaving money on the table. 

In the end, we’ll see what more details come out regarding this crypto move. But if anything else, just remember: banks don’t care whether it’s wires, stablecoins, or carrier pigeons… if there’s fees to skim, they’ll slap a logo on it and call it innovation. And that’s exactly what we are witnessing. Meaning keep your eyes on BofA and place your bets accordingly. Until next time, friends… 

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At the time of publishing, Stocks.News does not hold positions in companies mentioned in the article. 

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