Coinbase CEO Brian Armstrong recently told Congress that the banking industry is creating a "false threat" by objecting to cryptocurrency exchanges offering stablecoin rewards on the grounds of systemic risk. Coinbase currently offers a 4.1% reward to USDC holders, and the banking industry is concerned that this could lead to a large number of deposits flowing to stablecoins. The US Treasury Borrowing Advisory Committee estimates that up to $6.60 trillion of deposits could be switched to stablecoins.
Senator Cynthia Loomis, Republican of Wyoming, said the issue had been addressed in the GENIUS bill and should not be revisited.
Coinbase CEO: Banks Fight Stablecoin Rewards with False Threats
2025-09-18 15:20:44
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