With the enactment of the Genius Act…BofA: "Stablecoin supply could increase by up to $75 billion"

JOON HYOUNG LEE

Summary

Bank of America reported that the supply of stablecoins could increase by up to $75 billion with the enactment of the Genius Act in the U.S.
Bank of America stated that this legislation will be a turning point for U.S. stablecoin regulation.
It was reported that major banks are accelerating their entry into the proprietary stablecoin market.

An analysis suggests that the supply of stablecoins in the U.S. could increase by as much as $75 billion due to the enactment of the Genius Act, a legislative bill on stablecoins.

According to CoinDesk on the 24th (local time), the global investment bank (IB) Bank of America (BofA) recently stated in a report, "The Genius Act will be a turning point for U.S. stablecoin regulation," and "stablecoin supply could increase in the short term by at least $25 billion to as much as $75 billion." The current market capitalization of stablecoins is about $250 billion.

Major banks are also expected to accelerate their entry into the stablecoin market. Bank of America said, "It appears that banks are prepared to issue their own stablecoins," adding, "(Bank) management teams prefer a consortium model." Brian Moynihan, CEO of Bank of America, also recently stated, "We are preparing to enter the stablecoin market."

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