The GENIUS Act, which will give the green light to banks interested in stablecoins, but which has also raised fears that it will disintermediate the banking system, will go straight to President Donald Trump's desk once it passes the full House vote later today.

The prospect of a more favorable regulatory environment for digital assets has large lenders exploring or plotting stablecoin plans, JPMorgan, BofA, Citi and U.S. Bank executives indicated this week.

After clearing a procedural hurdle in the House of Representatives by a 215-211 vote on 16 July, the GENIUS Act now heads to floor debate, having already secured bipartisan Senate

Bank of America is working on launching a stablecoin, and investors can expect the lender to move forward with the cryptocurrency, CEO Brian Moynihan said on Wednesday, without giving a timeline. Stablecoins,

Stablecoin adoption is on the rise. As Crypto Week kicks off in Washington, BofA flags four corners of the market that could benefit from the boom.

The test aims to showcase how stablecoins and blockchain rails can cut government vendor payments from weeks to seconds.

Citigroup Inc. is considering issuing its own stablecoin, positioning the company as a possible early mover in the push by traditional banks to expand into cryptocurrencies.

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Citigroup may issue its own stablecoin in an effort to facilitate digital payments, the bank's CEO, Jane Fraser, told analysts on a post-earnings conference call on Tuesday.

The third-largest bank in the US is signaling intentions to enhance its digital asset capabilities and offerings.