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Bank of America is lobbying Congress to pass legislation that will favor banks when determining who can issue stablecoins. The $284 billion Global Systemically Important Bank (G-SIB) aims to limit non-banks’ legal abilities to create stablecoins. This year, CEO Brian Moynihan has been working with lobbying groups like the American Bankers Association and Bank Policy Institute, according to The Block. He wants to issue a fully reserved, 1:1 backed “ Bank of America coin .” If the bank’s efforts succeed, it could limit the stablecoin efforts of non-banks like Coinbase, Circle, Amazon, Meta, Tether, and many others. Why is Tether 213% bigger than Circle but 8,000% more profitable? Read more: PayPal and Ripple stablecoins still sub-1% despite ‘stablecoin gold rush’ Bank of America wants to compete with Circle, Tether Obviously, Circle is also conducting its own lobbying efforts. The company’s major stablecoin, USDC, has a $60 billion market cap that ranks sec...

Tether, the world’s largest stablecoin, used 2024 to grow its market capitalization by nearly $50 billion, its investments across a variety of industries, its product lines, and its political influence.  Cantor Fitzgerald Tether stores a massive portion of its reserves at Cantor Fitzgerald, a firm that has been led by Howard Lutnick. Lutnick, for his part, has been willing to publicly endorse the often beleaguered stablecoin, saying he is “a big fan.” Lutnick is also an important political figure, serving as co-chair of the transition committee for President-elect Donald Trump. He was also floated as a potential Treasury secretary before eventually being nominated as the future commerce secretary.  Tether’s dreams come true with Donald Trump victory Read more: Tether custodian Cantor Fitzgerald loves Tether, chief says Recently, Cantor Fitzgerald had to pay a $6.75 million penalty to the Securities and Exchange Commission (SEC) ...