Bank of America: The U.S. banking industry is moving towards a multi-year phase of on-chain development.

PANews reported on December 16th, citing CoinDesk, that Bank of America stated in a report on Monday that cryptocurrency policy is moving from discussion to implementation as the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve begin outlining regulatory frameworks for stablecoins and tokenized deposits in the United States. Recent approved projects and proposals mark the beginning of a multi-year transformation that will drive more real-world assets and payments onto the blockchain. The report states that the FDIC is expected to release a proposed rulemaking notice this week outlining how to approve payment stablecoins issued by subsidiaries of its regulated banks. Under the GENIUS Act, these rules must be finalized by July 2026 and take effect in January 2027. The report also highlights statements from Federal Reserve officials regarding cooperation with other banking regulators on capital, liquidity, and diversification standards for stablecoin issuers, as required by the GENIUS Act. Regarding market structure, Bank of America mentions JPMorgan Chase and Singapore-based DBS Bank, both exploring an interoperability framework that enables tokenized value transfers between public and permissioned blockchains. The report states that this work, building on JPMorgan Chase's JPMD tokenized deposit program, highlights the current heated debate about whether tokenized deposits are a better alternative to stablecoins. Bank of America believes that with the support of new regulations and institutional-grade infrastructure, the future of on-chain trading in bonds, stocks, money market funds, and cross-border payments is credible. To prepare for this, banks not only need to be proficient in blockchain technology but also willing to experiment with tokenized assets and on-chain settlement.