BofA-US Banks：On Chain During a gold rush sell shovels-20250713

Keeping tabs on digital assets

We are launching “On Chain,” a periodical designed to drill into the various facets of thefast-evolving digital assets ecosystem (across Stablecoins, tokenization of Real-WorldAssets, payments, custody, market infrastructure, programmable money, infrastructureprotocols), including the latest regulatory developments. On Chain will look to summarizefeedback based on our investor conversations as the Street tries to assess the pace ofadoption and the potential winners vs losers due to this technology.

Relevant research: US Banks (Primer): The Dollar Goes Digital: Everything You EverWanted to Know About Stablecoins / BofA expert insights: Stablecoins and the comingdisruption – risks vs. opportunities / Reading the Tea Leaves: Stablecoins, a solutionlooking for a problem? / BofA Expert Insights: Stablecoins & the coming disruption /V/MA: Global cross-border travel survey signals potential headwinds / JPM: From Tellersto Tokens: JPMD a better alternative to stablecoins?