Coinbase CEO’s Advice to Banks: Partner on Stablecoins, Not a Money Grab!

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So, Armstrong is out here saying, “Hey, banks, how about we *work together* on stablecoins instead of trying to outdo each other with some half-baked copycat version?” You know, the whole “let’s collaborate, not compete” thing. I mean, we get it, who doesn’t love a good collaboration, right? 🤷‍♂️

Apparently, stablecoins like USDC (you know, the one Coinbase teamed up with Circle to launch) already have this *strong network effect*, whatever that means. It’s like the cool kids at school—everyone just kind of wants to hang out with them. So, banks should probably just partner with these guys instead of starting their own “new shiny coin,” because that’s totally going to end well, right? 😒

Armstrong went on to say, “Stablecoins thrive through collaboration, not fragmentation.” Yeah, no kidding. It’s like trying to build a house of cards but with every card being from a different deck. Not gonna work! 🙄

Of course, this whole thing is happening while some regulatory red tape is finally getting cut under the Trump administration. Now, all the old-school financial folks are realizing they might be missing out on the crypto fun. Who would’ve thought? 🧐

Oh, and Coinbase, by the way, just spent a cool $2.9 billion to acquire Deribit, a top crypto options exchange. But guess what? They still didn’t hit revenue or earnings expectations. Classic. Still, their stock went up 5% before dropping 2.6% after hours. That’s Wall Street for you—always a rollercoaster! 🎢

In the end, Armstrong’s whole spiel is about creating a “consolidated stablecoin ecosystem” that’s all about public-private partnerships, not banks just throwing out random digital dollars left and right. Which, sure, sounds good in theory. But I’m sure it’ll take a few more missteps before anyone gets it right. 😬

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2025-05-10 12:38