Coinbase asserts stablecoins do not deplete bank deposits, calling this a ‘myth’

Coinbase argues that fears surrounding stablecoins draining bank deposits are unfounded. They assert that these digital currencies primarily serve as payment tools globally, not as savings, and that their usage actually bolsters the U.S. Dollar’s international affirmation.

Challenging a Treasury report projecting a $6 trillion potential deposit flight, Coinbase claims the math doesn’t support such claims. Furthermore, they highlight a positive correlation between bank performance and crypto firms, indicating potential collaborative benefits in the banking sector.