Breaking news! U.S. banks are quietly moving stablecoin plans—will $6 trillion in deposits be uprooted? Retail investors are still asleep!

Have you heard? Bank of America has recently carried out a series of personnel moves in the digital asset space. On the surface, everything looks calm, but underneath, currents are surging.

@Nxtlvl, a team member at Polygon Labs, posted on the X platform saying that Bank of America has appointed senior leaders to accelerate the rollout of digital assets and AI in global markets. Their platform covers stablecoins, tokenized deposits, custody, and crypto settlement. More adoption is coming, and a large portion of it will happen quietly within the world’s largest banks.

This tweet is a response to an internal memo reported by Reuters and Bloomberg on July 17. The memo shows: Bank of America has appointed Sonali Theisen, Global FICC electronic trading head, with additional responsibility for designing, building, and governing the bank’s global digital assets platform. Kevin Milsom was appointed as Head of AI Transformation for the platform. Adam Dixon continues as Head of Digital Asset Transformation, responsible for tokenized deposits, crypto settlement, and custody. When the news broke, $BTC was hovering around $65k—down more than $50k from a year ago—as overall market sentiment remained subdued.

But the truly explosive news isn’t the personnel changes—it’s the “$6 trillion” that’s gone viral on social media. A Korean crypto commentary account, @CliporaGo, posted on July 15 saying that Bank of America’s CEO clearly indicated that $6 trillion in bank deposits could flow into stablecoins. This wasn’t something said by a crypto analyst—it was the CEO of the second-largest bank in the U.S. However, that line omits important conditions and gets the timeline wrong. Brian Moynihan’s original words came from the earnings call for this January 14. At the time, he said, “If stablecoins are allowed to pay interest, deposits could migrate.” But at that time, the GENIUS Act had not allowed this feature.

That $6 trillion figure actually came earlier—In April 2025, a report by the U.S. Treasury Borrowing Advisory Committee (TBAC) estimated that approximately $6.6 trillion in transactional bank deposits face long-term risk of flowing into stablecoins. Moynihan has never hidden the bank’s intentions. In February 2025, at a breakfast meeting of the Economic Club of Washington, he said: “If the law allows, we’ll enter this business.” Back then, no stablecoin bill had been passed yet.

The GENIUS Act was signed on July 18, 2025, giving regulators a year to draft final implementation rules. But after the July 18, 2026 deadline passed, only ten proposed rules were released—none were finalized—causing the law’s effective date to be pushed to January 18, 2027. In the same week that regulators missed the final deadline, Bank of America moved high-profilely to appoint crypto leadership.

Major banks didn’t wait for regulations to be finalized. JPMD tokenized deposits from JPMorgan are already running on Coinbase’s Base network; Citigroup’s Token Services provides around-the-clock tokenized dollar clearing. JPMorgan, Citigroup, Bank of America, Wells Fargo, and HSBC are jointly building a shared tokenized deposits network through The Clearing House, aiming to go live in the first half of 2027. Sami Start, CEO of crypto payments company Transak, said on the On The Margin podcast: “Retail crypto buying and selling does, right now, have some ‘crypto winter’ feeling—but stablecoin adoption is not related to that. Institutions are adopting stablecoins for real-world use cases, and that’s why we’re seeing it grow.”

However, not everyone treats these appointments as a turning point. Alessandro Hatami, managing partner at Pacemakers.io, told Bloomberg: “For ten years, these banks have been announcing blockchain projects. Also, banks are competitors with each other, which makes it really difficult to get shared infrastructure truly implemented.” Jordan McKee, head of fintech research at S&P Global Market Intelligence, said in a report in April that most financial institutions are still at an “early and cautious” stage in their stablecoin strategies.

The stablecoin market itself has been rather steady. According to DefiLlama data, total supply is close to $300 billion—down about $10 billion from the May peak. Tether’s USDT and Circle’s USDC make up more than 80%. Onchain new bank UR’s CEO Neo said on the same podcast: “In today’s Web3 and Web2 world, everyone takes shortcuts. Issue a card using the USDC stablecoin, and you become a new bank—you can spend easily, and it looks cool. But structurally at the core, it hasn’t really changed.”

The optimists have data to back it up. Artemis Analytics data shows that in 2025, stablecoin on-chain settlement volume reached $3.3 trillion, up 72% year over year. Bloomberg Intelligence predicts that payment flow could exceed $5 trillion by 2030; 21Shares expects the stablecoin market size to surpass $1 trillion by the end of 2026.

The next key date is January 18, 2027. Regardless of whether the rules are completed, the GENIUS Act will take effect. By then, internal bank memos will carry more weight than external social media posts. Nicole Sandler, Chief Ecosystem Officer at tokenized payments clearing startup Ubyx, told Bloomberg in July: “The threat from competition is now clearly visible and measurable.” With the acceleration of the convergence between traditional finance and crypto, Bank of America’s quiet setup may be just the tip of a much bigger trend. Ongoing debates—such as deposit migration and stablecoin payments earning interest—will continue to test the balancing art between banks and regulators.

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