Coinbase dey deny say banks get worry as dem dey withdraw stablecoin deposits

Coinbase don challenge di big US bank groups dem claim say stablecoins fit drain deposits and pose threat to lending. Dem policy chief, Faryar Shirzad, talk say stablecoins dey mainly for payments and cross-border transfers. Him yarn say di demand mainly from international users wey dey look for dollar exposure, no be US retail customers. According to Coinbase, about two-thirds of stablecoin transfers dey happen for DeFi or blockchain platforms, wey dey work parallel to tradicional banking and no dey compete directly. US commercial bank deposits exceed $18 trillion, while global stablecoin circulation capped around $5 trillion, most dey held offshore. Di report also show say community bank customers and stablecoin users no get much overlap, mean say banks fit integrate stablecoins to improve service. After GENIUS Act rollout, some institutions don start explore or launch stablecoin offerings. By framing stablecoins as complement to banking system, Coinbase wan make regulatory bodies calm down. Di rise in stablecoin use na to reinforce dollar global dominance, no to undermine banks. For traders, dis clarification on stablecoins role fit support growth for digital asset markets.