Coinbase executives rebut banks' concerns about stablecoins

ChainCatcher news, Coinbase's policy head Faryar Shirzad published an article on Tuesday rebutting the banking industry's concerns about stablecoins, stating that the claim that stablecoins would lead to a massive outflow of deposits is unfounded. He pointed out that stablecoins are primarily used for digital asset trading and cross-border payments, rather than long-term savings, with a current market capitalization of approximately $290 billion. Shirzad believes the real reason for the banks' opposition is to protect their payment business revenue, as traditional card networks and banks face a threat to about $187 billion in card transaction fees each year.