In accordance with Coindesk, Bank of America said in a Monday report that U.S. banks are entering a multi-year transition toward onchain systems, driven by regulatory developments and institutional experimentation. The report highlights recent actions by the OCC, FDIC, and Federal Reserve in shaping a regulatory framework for stablecoins and tokenized deposits, as well as ongoing efforts by major banks like JPMorgan and DBS to explore tokenized value transfer frameworks.
Bank of America Predicts Multi-Year Shift to Onchain Banking in U.S.
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Summary
Bank of America said in a Monday report that U.S. banks are entering a multi-year shift toward onchain systems, driven by regulatory changes and institutional testing. The report mentions recent moves by the OCC, FDIC, and Federal Reserve to shape rules for stablecoins and tokenized deposits. JPMorgan and DBS are among the banks exploring tokenized value transfer systems. The report also references Countering the Financing of Terrorism measures and notes how EU Markets in Crypto-Assets Regulation could influence global standards.
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