Bitcoin’s Institutional Wave Shifts to Stablecoin Payments
Coinbase Institutional Co-CEO Brett Tejpaul says a second wave of institutional interest in Bitcoin and crypto is emerging, with activity shifting beyond spot Bitcoin ETFs towards stablecoin payments and blockchain infrastructure.
Tejpaul said seven of the world’s largest banks use Coinbase infrastructure. He described stablecoin transfers between bank and corporate accounts as a major opportunity, citing flows of about $400 million an hour. He also said stablecoins remain a small part of the payments market, with payment providers likely to adopt them before banks expand their use.
On Bitcoin, Tejpaul said the macroeconomic backdrop is favourable but its performance has disappointed. He said institutions still tend to treat Bitcoin as a technology trade rather than a distinct asset class. The discussion also cited Coinbase’s role in US fund custody and its connection to Deribit’s options market. The comments point to growing crypto infrastructure adoption, but do not establish that institutions are making new Bitcoin purchases.
Bullish
The comments are broadly bullish for crypto adoption because they point to major banks using Coinbase infrastructure and growing interest in stablecoin payments. If these arrangements develop into sustained payment and custody activity, they could deepen institutional participation and support demand for crypto-related services. The discussion of a second institutional wave also echoes earlier periods when clearer access through products such as spot Bitcoin ETFs helped broaden market participation.
The immediate effect on Bitcoin prices is less certain. The article reports no new Bitcoin purchases or allocation commitments, and Tejpaul explicitly described Bitcoin’s recent performance as disappointing, while saying institutions still view it largely as a technology trade. That means the news may benefit sentiment without creating a direct, measurable source of BTC buying. Traders may focus more on confirmation of bank adoption, stablecoin volumes and fund flows than on the interview alone. In the short term, broader market conditions and Bitcoin’s momentum are likely to remain stronger price drivers. Over the longer term, wider payment and custody infrastructure could make crypto easier for institutions to use, although adoption does not guarantee price appreciation or eliminate volatility.