Clear regulation helps! Bank of America is developing its own stablecoin: We must be ready

As the US crypto regulation bill is accelerating, Bank of America (BoA), the second largest commercial bank in the US, recently confirmed that it is developing its own dollar stablecoin. As financial giants join the battle, stablecoins and payment startups face competition from traditional finance, which may bring a major change to the global financial landscape.

Bank of America CEO confirms: We must be prepared

Bank of America CEO Brian Moynihan publicly stated yesterday (11) that the bank is working with other industry players to develop a dollar-pegged stablecoin, further confirming a number of rumors in the market in recent months.

(Optimistic about regulatory clarity! Bank of America is considering entering the stablecoin market, with international trade and cross-border payments becoming the focus )

Although Moynihan admitted that the market demand for such products is still unclear, he stressed: "We have to be ready."

If the US government can clearly establish a regulatory framework in the future, this stablecoin project will be further promoted and made public.

This move reflects that even if large financial institutions are not in a hurry to advance, they have already started the long-term layout of cryptocurrency infrastructure.

Regulatory assistance: GENIUS Act may be the biggest driver

Bank of America's statement coincides with the progress of the genius bill " GENIUS Act (Stablecoin National Innovation Guidance Act) " promoted by Congress.

The bill passed the motion to terminate the discussion by 68 votes to 30 on the same day, and officially entered the final voting process. If passed, the GENIUS Act will establish a set of unified standards for " Payment Stablecoins" , including the need for 1:1 reserve guarantee, isolation of operating and reserve funds, etc.

( The United States' GENIUS Act comprehensively regulates payment stablecoins: understand the issuance threshold, reserve standards and regulatory system at a glance )

If the Senate successfully passes the amendment, the House of Representatives is expected to vote directly on this version to speed up the legislative process, which will provide the banking industry, including Bank of America, with a clear and compliant path to promote stablecoins.

Europe takes the lead: Societe Generale launches second stablecoin

At the same time, SG-FORGE, the digital asset subsidiary of French financial giant Societe Generale, also launched its second stablecoin product "EUR CoinVertible (USD)" a few days ago as an extension of the euro version, deployed on Ethereum and can also circulate on Solana.

As a stablecoin that fully operates under the framework of the EU Crypto Markets Act (MiCA), the CEO of SG-FORGE said: "Corporate users' demand for 24-hour settlement has increased dramatically, and the US dollar stablecoin is a natural next step."

( Societe Generale issues dollar-pegged stablecoin! European established banks enter the new blockchain battlefield )

The product is expected to launch in July and support round-the-clock conversions between US dollars, euros and stablecoins.

New Stablecoin Game: Traditional Finance Joins the Game

In the past year, stablecoins have been dominated by startups or crypto-native teams, from Circle to Tether, but the situation is gradually changing. The participation of Bank of America symbolizes that traditional finance is no longer just watching, but has joined the competition.

( Traditional finance integrates blockchain to eclipse encryption: What is left after Cypherpunk goes to the edge? )

In addition, there have been rumors in the market that Bank of America may work with JPMorgan Chase to issue currency , but there have been no specific cooperation results so far.

With the GENIUS Act expected to be implemented more quickly and the United States and Europe advancing it simultaneously, stablecoins, a key infrastructure, are becoming a strategic high ground for the new global financial order.

The United States and China have preliminarily finalized the framework of the agreement, but they still need to wait for the final approval of Trump and Xi Jinping. Trump said that the tariff on China will be levied to 55%. The core CPI data that the market is concerned about is lower than expected. After several consecutive days of rebound, the US stock market fluctuated at a high point on Wednesday (6/11), and the market is in a wait-and-see stage. At the GTC conference in Paris, Nvidia CEO Jensen Huang mentioned that quantum computing has the opportunity to solve problems that are difficult for AI to handle at this stage, driving the rise of quantum concept stocks. BTC and ETH retreated slightly and are currently consolidating slightly. The US Stablecoin Act and the Ukrainian Crypto Asset Reserve Act are assumed to be passed, which is expected to bring benefits to the crypto market.

US-China agreement awaits Trump-Xi approval, experts say "it's just a change of words but the same substance"

Currently, the US-China trade agreement has reached a preliminary consensus, but it still needs to wait for the final approval of US President Donald Trump and Chinese President Xi Jinping. In an interview at the White House this morning (6/11), Trump said that he would impose a 55% tariff on Chinese goods, while China would impose a 10% tariff on US goods. However, some experts bluntly said that this is completely no progress, it is just a change of name, and the tax increase will continue in another way.

Inflation is lower than expected, Goldman Sachs: Fed is expected to cut interest rates ahead of schedule

The latest US CPI data for May showed a monthly growth rate of only 0.1% and an annual growth rate of 2.4%, both lower than market expectations. The market interpreted this as inflationary pressure and expectations being less severe than imagined.

Goldman Sachs pointed out that the impact of tariffs has not yet been reflected in prices, and real inflationary pressure may only emerge slowly after the 90-day tariff suspension period ends. In the coming weeks, inflation and employment data will be key, and will affect whether the Federal Reserve (Fed) will consider cutting interest rates in advance.

Huang Renxun mentioned the potential of quantum computing, and related concept stocks rose

Nvidia CEO Jensen Huang said at the GTC conference in Paris on June 11 that quantum computing is at a critical turning point and will become more powerful in the next few years and will be able to solve some problems that AI cannot solve at this stage.

After the news came out, quantum concept stocks Quantum Computing soared 25%, and Rigetti Computing soared more than 11%. However, Nvidia's own stock price did not perform well, closing at $142.83, down 0.78%.

BTC and ETH fell slightly and are in consolidation. The US and Ukraine encryption bills are the key to good news.

In the crypto market, the price of Bitcoin (BTC) is still in the range of 108,800 to 108,200, down 1.01% from yesterday. Ethereum (ETH) rose to $2,833 yesterday due to the net inflow of nearly $124.01 million in the Ethereum spot ETF, but it fell back slightly to the range of 2,750 to 2,780 today, down 0.57% from yesterday. Both major currencies fell slightly and are currently consolidating.

However, investors can still pay attention to the progress of the implementation of the US Stablecoin Act "GENIUS Act" and the Digital Asset Market Clarity Act "CLARITY Act". It is understood that Ukraine is considering including crypto assets in the country's foreign exchange reserves. Once the above policies are successfully passed, it is expected to bring benefits to the crypto market.