Bank of America isn’t ready to roll out stablecoin yet though JPMorgan and Citi both reported during their second-quarter earnings calls this week they are exploring their own stablecoin offerings.

Client demand, clear regulation and proven incremental value would be necessary for the $3.2 trillion bank to offer a stablecoin, Chief Executive Brian Moynihan said during today’s Q2 earnings call. 

“We’re still trying to figure out how big or small [stablecoin] is,” he said.  

While the bank isn’t ready to launch a stablecoin, it is moving nearly all its money digitally, Moynihan said, noting that ATMs and written checks still add to cash business. 

For now, the bank is offering digital payments and real-time payments to meet the demands of its clients, he said. Once there is demand for stablecoin, “then we can roll it out.” 

AI throughout the bank

While the bank isn’t changing its payments strategy yet, it continues to innovate with AI, and reported the following results in Q2: 

• AI-driven digital assistant Erica has 20 million active customer users; 

• More than 90% of the bank’s employees use Erica; 

• Erica reduces calls to the service desk by about 50%; 

• Gen AI is deployed in the global markets and global corporate and investment banking segments; and 

• More than 50 AI-enabled fraud detection tools have been deployed. 

The bank also noted that it has 1,400 AI and machine learning patents granted or pending, according to the earnings presentation. 

“These investments are intended to help both improve the client experience and our own productivity,” Moynihan said. 

By the numbers

During Q2, the bank reported: 

• Revenue totaled $26.5 billion, up 4% year over year; 

• Noninterest expense of $17.2 billion, up 5% YoY driven by investments in people, brand and technology;  

• Headcount totaled 213,388, up from 212,318 in Q2 2024; and 

• Profit of $7.1 billion, up 3.2% YoY. 

Market reaction

Shares of Bank of America (NYSE: BAC) were down 0.36% from market open to $45.99 as of 2:55 p.m. today. Bank of America has a market capitalization of $342.6 billion.   

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