Bank of America Quietly Prepares for Crypto Shockwave With ‘On Chain’ Drilldown

Bank of America is accelerating Wall Street’s crypto pivot with a new research push dissecting stablecoins, tokenized assets, and the infrastructure poised to redefine digital finance.

‘On Chain’ Launch Signals Wall Street’s Deeper Dive Into Crypto

Bank of America (BOA) Global Research has unveiled its new publication “On Chain,” aiming to track the rapidly shifting landscape of digital assets, including stablecoins, tokenized assets, and market infrastructure. The financial giant stated: “We are launching ‘On Chain,’ a periodical designed to drill into the various facets of the fast-evolving digital assets ecosystem (across stablecoins, tokenization of real-world assets, payments, custody, market infrastructure, programmable money, infrastructure protocols), including the latest regulatory developments.” The BOA research team added:

On Chain will look to summarize feedback based on our investor conversations as the Street tries to assess the pace of adoption and the potential winners vs losers due to this technology.

The launch aligns with a pivotal week in Washington as lawmakers consider the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act, which could shape the U.S. approach to stablecoins and digital infrastructure.

The analysis does not focus on cryptocurrencies as speculative assets but rather on infrastructure that may underpin future digital finance. The team explained: “While too soon to pick winners just yet, we believe infrastructure providers such as Stripe, or the Ethereum platform (on top of which public chains are run, such as the one being used by JPMorgan to pilot its tokenized deposit JPMD) could potentially become the new rails for driving interoperability across digital assets (note that Ethereum is a decentralized platform and cannot be owned, however investors have access to its native currency ether ‘ ETH’).”

According to the bank, stablecoin partnerships with major retailers such as Shopify, Coinbase, and Stripe may add value to digital commerce beyond the commoditized nature of stablecoin issuance. Despite the uncertainty surrounding regulatory timelines and the evolving competitive landscape, BofA’s view emphasizes the infrastructure layer as a more durable investment theme.

Bank of America has been steadily positioning itself for a deeper role in crypto, amassing blockchain patents and recognizing bitcoin’s significance without yet enabling direct purchases. In June 2025, it ranked bitcoin among the most disruptive innovations in 1,000 years, citing its challenge to traditional finance. CEO Brian Moynihan also stated that the bank is ready to embrace crypto payments, pending regulatory clarity.