Coinbase Responds to Banks' Stablecoin Concerns
Coinbase, a crypto exchange and research firm, argues that concerns over stablecoins undermining U.S. banks are overstated.
The firm emphasizes that most stablecoin demand originates outside the United States, supporting international dollar usage rather than displacing local bank deposits.
Stablecoins are primarily used by international users seeking dollar exposure.
- Emerging markets rely on U.S. dollar-backed tokens to hedge against local currency volatility.
- Roughly two-thirds of stablecoin transactions occur on blockchain or decentralized finance (DeFi) platforms.
Coinbase concludes that stablecoins are a practical tool for financial inclusion.
Author's summary: Coinbase argues stablecoins support global dollar usage.