Coinbase CEO: Banks use false threats to oppose stablecoin rewards policy

2025-09-18 17:23:51

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According to Mars Finance, Coinbase CEO Brian Armstrong recently stated in Congress that the banking industry is creating “false threats” by opposing the practice of cryptocurrency exchanges offering stablecoin rewards under the pretext of systemic risk. Currently, Coinbase offers a 4.1% reward for USDC holders, while the banking industry is concerned that this could lead to a large amount of deposits flowing into stablecoins. The U.S. Treasury Borrowing Advisory Committee estimates that up to $6.6 trillion in deposits could shift to stablecoins. Armstrong believes that the true intention of the banking industry is to protect its $180 billion payment business revenue. In response, Wyoming Republican Senator Cynthia Lummis stated that this issue has been addressed in the “GENIUS Act” and should not be re-discussed.

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