Coinbase Policy Leader: Stablecoins can boost demand for the US dollar and drive payment modernization

Faryar Shirzad, the policy director of Coinbase, stated in an article on the X platform that the arguments of the US banking industry regarding stablecoins are untenable. The $6.6 trillion mentioned in the TBAC report for the banking industry is the total amount of deposits in US bank trading accounts, and is not the actual possible scale of deposit outflows. The same report predicts that the total size of stablecoins in circulation will only be $2 trillion by 2030. Bank deposits have stability, and investors do not frequently transfer funds. Currently, the vast majority of stablecoins are held overseas, and the demand for stablecoins related to the GENIUS Act may mainly come from overseas markets. Stablecoins are a tool to boost demand for the US dollar and modernize the payment system, rather than a threat to the banking industry.