Coinbase executives refute bank concerns about stablecoins

Odaily Planet Daily News Coinbase policy chief Faryar Shirzad posted a statement on Tuesday to refute banking concerns about stablecoins, saying banks' claims that stablecoins will lead to mass 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.