Coinbase executives refute bank concerns about stablecoins

According to ChainCatcher, Faryar Shirzad, head of Coinbase policy, issued a statement on Tuesday to refute banking concerns about stablecoins, saying that banks' claims that stablecoins will lead to large-scale outflow of deposits is unfounded. He pointed out that stablecoins are mainly used for digital asset transactions and cross-border payments rather than long-term savings, and currently have a market value of approximately US$290 billion. Shirzad believes the real reason for banks’ opposition is to protect their payment business revenue, with the traditional card network and banks threatening about $187 billion in card swipe fees each year. .