Why is Bank of America stock rallying today?

Bank of America (BAC) stock rose significantly today, driven by its involvement in a 21-institution consortium planning to launch a U.S. dollar-pegged stablecoin for cross-border payments. The positive sentiment was further supported by Bank of America increasing its stake in Scout24 SE, constructive analyst ratings, and a broader market rally fueled by softer U.S. employment data tempering Federal Reserve tightening expectations.