Coinbase Executives Rebut Banks' Concerns About Stablecoins
2025-09-16 09:40:50
According to CoinDesk, Faryar Shirzad, the head of policy at Coinbase, issued a rebuttal to the banking industry's concerns about stablecoins on Tuesday, saying that banks' claims that stablecoins will lead to a massive outflow of deposits are baseless. He pointed out that stablecoins are mainly used for digital asset transactions and cross-border transfers, rather than long-term savings, and are currently worth about $290 billion. Shirzad believes that the real reason for the banks' opposition is to protect their payment business revenue, with traditional card networks and banks having about $187 billion in swipe fee revenue per year under threat.
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