According to Coinbase, the claim that "stablecoins threaten the U.S. banking system" is unfounded, and the idea of "deposit outflows" is merely a myth.

In a blog post on Tuesday, the cryptocurrency exchange stated that concerns about stablecoins withdrawing bank deposits are baseless. Coinbase claimed that "recent analysis" shows no significant correlation between stablecoin adoption and the outflow of community bank deposits.

The exchange wrote, "Stablecoins do not threaten lending—they provide strong competition to the $187 billion payment fee market for banks," adding that stablecoins are not savings accounts but payment tools. The company further stated, "People buy stablecoins to pay overseas suppliers, not to transfer savings—but to choose a faster, cheaper payment method."

Coinbase also questioned the claims in a recent report from the U.S. Treasury Borrowing Advisory Committee, which projected a potential $6 trillion outflow of deposits, despite only forecasting a $2 trillion stablecoin market size by 2028. Coinbase stated, "This math does not add up."

According to a supplementary report from Coinbase, most stablecoin-related activities occur in international markets, particularly in regions with weak financial infrastructure. The report cited data from the International Monetary Fund, stating that of the $2 trillion in stablecoin transactions in 2024, over $1 trillion would occur outside the U.S., especially in Asia, Latin America, and Africa.

Since almost all major stablecoins are pegged to the dollar, their widespread use overseas further reinforces the dollar's dominance. Therefore, the exchange believes that stablecoins have not weakened U.S. deposits; rather, they have expanded the global influence of the dollar while having a limited impact on domestic credit supply.

Coinbase also noted that after the passage of the "U.S. Stablecoin National Innovation and Establishment Act" (GENIUS Act), bank stocks showed a positive correlation with the performance of crypto companies like Coinbase and Circle, indicating that stablecoins and banks can grow together.

Cointelegraph reached out to the Bank Policy Institute for comments but had not received a response by the time of publication.

Last week, Bitwise Chief Investment Officer Matt Hougan criticized U.S. banks for complaining about competition from stablecoins instead of improving their own services, particularly in raising interest rates for depositors. Matt Hougan pointed out that banks have long provided low yields, and now, as stablecoins offer better options, banks are beginning to panic.

In August, under the leadership of the Bank Policy Institute, several U.S. banking organizations urged Congress to close the so-called loophole in the GENIUS Act, which could allow stablecoin issuers to indirectly provide yields to users through cryptocurrency exchanges or affiliates.

In response, the Crypto Council for Innovation and the Blockchain Association called on U.S. lawmakers to reject the proposal, warning that the proposed amendments would give traditional banks an advantage while stifling innovation.

Related: Reports indicate that Standard Chartered's venture capital arm plans to raise $250 million for a cryptocurrency fund.

Original article: “Coinbase Claims Stablecoins Have Not Drained Bank Deposits—This Assertion is a ‘Fallacy’”

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