Bank of America’s latest executive moves in digital assets have revived debate over how much bank funding could eventually move into stablecoins. Reports from Reuters and Bloomberg on July 17 said the bank expanded responsibilities for several senior executives, with Sonali Theisen taking on oversight for the design, buildout and governance of a global digital-asset platform, Kevin Milsom leading AI transformation for that platform, and Adam Dixon continuing to oversee tokenized deposits, crypto settlement and custody. The discussion quickly spilled onto social media, where a widely circulated claim suggested that $6 trillion in bank deposits could flow into stablecoins. But that framing left out a key condition. Bank of America CEO Brian Moynihan said on a January 14 earnings call that deposit migration would depend on whether stablecoins were allowed to pay interest, something the GENIUS Act does not permit. A separate Treasury Borrowing Advisory Committee report from April 2025 estimated that about $6.6 trillion in transactional bank deposits could face long-term risk of shifting to stablecoins. Even as final rules under the GENIUS Act remain unfinished and the law’s effective date has shifted to January 18, 2027, major banks are already building tokenized deposit and settlement infrastructure.

Stablecoin payments infrastructure startup Cyclops said on July 15, 2026 that it had raised a $20 million Series A led by Nava Ventures, with participation from Castle Island Ventures, Coinbase Ventures, Circle, Lasagna Ventures and Global PayTech Ventures. The round came roughly four months after an $8 million seed financing in March, bringing the company’s total funding to $28 million in less than half a year, all in equity. Headquartered in Miami with an office in Vienna, Cyclops sells stablecoin infrastructure to payment service providers, acquirers and payment processors. The company says its platform has processed more than $2 billion in total volume, operates across 150 countries, holds more than 100 related compliance licenses globally, supports a merchant network of 300,000 and recently posted 350% month-over-month transaction growth. Cyclops was founded by former The Giving Block executives who later ran crypto and stablecoin operations inside Shift4 Payments after that company acquired The Giving Block in 2022. The startup says it is trying to solve the fragmented process payment companies face when adding stablecoin capabilities, offering a single API, low-code integration, compliance tooling and settlement infrastructure built around payment workflows rather than retail crypto use cases.

Wall Street’s largest banks are moving from observation to coordination as stablecoins become a serious payments rival. JPMorgan Chase, Bank of America, HSBC Holdings, Citigroup and Wells Fargo have outlined a plan to build an interoperable tokenized bank deposit network through The Clearing House, marking what the report describes as the first large-scale coordinated response by the U.S. banking industry to stablecoins. The effort is aimed at preserving the role of commercial bank money while matching some of the speed and around-the-clock settlement features that have helped stablecoins expand beyond crypto trading. The competitive pressure is no longer theoretical. Artemis Analytics said stablecoin transaction volume rose 72% last year to about $33 trillion, while Bloomberg Intelligence projects payment flows could top $50 trillion by 2030. Banks see the new network as a way to connect digital money systems, support corporate treasury and liquidity management, and eventually provide digital cash for tokenized securities settlement. The Clearing House plans to launch the project next year. Even so, the path is uncertain. Industry alliances often struggle over standards, governance and incentives, and banks are already spread across several parallel tokenization initiatives, including work tied to SWIFT and other consortiums. The result is a fast-forming contest between bank-led digital money rails and the stablecoin networks that have already built global reach.

Barclays is exploring blockchain-based payments and tokenized deposits, issuing RFIs to tech providers with a potential vendor shortlist by April 2026. The move aligns with global bank digitalization amid regulatory clarity for stablecoins.

Barclays is reportedly seeking technology partners for a blockchain-based payment and deposit platform, including tokenized deposits and stablecoins. It invested in clearing platform Ubyx in January 2026. With stablecoin market cap at $309B and regulatory clarity from GENIUS Act and MiCA, traditional banks are accelerating digital asset adoption.

Barclays is reportedly exploring a blockchain platform for payments and deposits, seeking vendors by April 2026. The move signals growing institutional adoption of stablecoins and tokenized deposits amid regulatory clarity.

Barclays is exploring a blockchain-based platform for payments and tokenized deposits, issuing RFIs to technology providers. The move follows its investment in Ubyx and aligns with growing stablecoin adoption and regulatory clarity, with the stablecoin market cap reaching $309 billion.

Barclays is reportedly exploring a blockchain-based platform for payments and deposits, issuing RFIs to tech providers with vendor selection as early as April 2026. Following its investment in Ubyx, the move aligns with peers like JPMorgan in modernizing core banking via distributed ledger technology amid stablecoin market growth and regulatory clarity.