Several large US banks, including Bank of America, Citibank, Morgan Stanley, and JPMorgan Chase, are developing or considering stablecoins as crypto-friendly regulations take shape.

Bank of America's CEO Brian Moynihan confirmed ongoing work on a stablecoin but highlighted the need to understand client demand before full rollout. Similarly, Citibank and Morgan Stanley are assessing the landscape and potential use cases for their clients.

JPMorgan Chase has also expressed interest, despite its CEO's previous scepticism towards Bitcoin.

The US Congress is advancing legislation to establish a clear regulatory framework for stablecoins. This progress reflects growing acceptance of digital assets and may encourage further integration with traditional finance.

Banks remain cautious but see stablecoins as a significant opportunity once legal clarity is achieved.