US Banks: The New Money Stack: Stablecoins, Tokenization, and the Future of Finance

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US Banks: The New Money Stack: Stablecoins, Tokenization, and the Future of Finance

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US Banks

The New Money Stack: Stablecoins,

Tokenization, and the Future of Finance

Primer

One year in: Early adoption takes shape 11 June 2026

Last year, we highlighted stablecoins as the key emerging theme within digital assets. In Equity

our initial primer, we framed the space as early-stage, with limited real-world adoption United States

and evolving regulation. One year forward, scale and institutionalization are now Banks

tangible—stablecoins have scaled, institutional engagement has accelerated, and Ebrahim H. Poonawala

tokenization has emerged alongside them. The narrative has shifted from “potential Research Analyst

disruption” to a more grounded reality: these technologies are increasingly being BofAS+1 646 743 0490

integrated into the financial system, reshaping how money and assets move. ebrahim.poonawala@bofa.com

Brandon Berman

Stablecoins: The digital dollar ResearchBofAS Analyst

Stablecoins have transitioned from a crypto-native tool into a $300bn+ digital dollar +1 646 855 3933

brandon.berman@bofa.com

ecosystem, still primarily anchored in digital asset markets (trading, collateral, and

Gabriel Angelini

liquidity provision). While still early outside digital asset markets, their core value Research Analyst

proposition—programmable, 24/7, and balance sheet-light money movement—is gaining BofAS +1 646 855 3081

traction as infrastructure improves and regulation advances. Importantly, stablecoins gabriel.angelini@bofa.com

function less like deposits and more like tokenized claims on short-duration reserves, Michael Campos

with much of the underlying liquidity flowing through the banking system. Research Analyst BofAS

+1 646 855 3912