According to Coinbase researchers, concerns that crypto stablecoins will harm U.S. banks by eroding bank deposits are misguided and do not take into account the real-world uses of the tokens.

"'The claim that stablecoins will destroy bank lending' ignores reality," said Coinbase policy chief Faryar Shirzad on Wednesday.

Shirzad shared a market report stating that the debate over the impact of stablecoins on bank deposits and lending "echoes familiar concerns raised by earlier innovations (such as money market funds). However, they fail to consider how and where stablecoins are actually used."

U.S. banking groups claim that yield-generating stablecoins could compete with bank accounts and trigger outflows of bank funds, urging Congress to crack down on services that offer stablecoin yields.

Coinbase argues in its report that most of the demand for stablecoins comes from "international users seeking exposure to the dollar," rather than U.S. consumers.

The report states that emerging markets use dollar stablecoins to hedge against local currency depreciation, and these tokens serve as a "practical form of dollar access" for underbanked populations.

The report adds that about two-thirds of stablecoin transfers occur on decentralized finance or blockchain platforms. "In this sense, they are transaction channels that operate parallel to but fundamentally outside the domestic banking system," Coinbase stated.

"Viewing stablecoins as a threat is a misreading of the current situation: they enhance the global role of the dollar and unleash competitive advantages that the U.S. should not restrict," Shirzad said.

Coinbase argues that concerns that community banks will be severely impacted by the widespread use of stablecoins are also lacking credibility, explaining that the typical stablecoin user "is different from the typical community bank customer."

"There is almost no overlap between community banks and stablecoin holders," Shirzad said, adding that banks "can improve their services through stablecoins."

Coinbase also stated that the forecast of trillions of dollars flowing into stablecoins over the next decade "should be scrutinized carefully."

"Even if the global circulation of stablecoins reaches $5 trillion, most of that value will still be held by foreigners or locked in digital settlement systems, rather than being transferred from U.S. checking or savings accounts," the report stated.

Coinbase noted that U.S. commercial bank deposits exceed $18 trillion and claimed that the impact of stablecoins on deposits will "remain marginal, while the global influence of the dollar will significantly increase."

Following the passage of the GENIUS Act earlier this year, which regulates how stablecoin service providers operate in the U.S., several large banks and major financial institutions have launched stablecoin services or are exploring related products.

Related: Reports indicate that Mastercard is in talks to acquire Zerohash for nearly $2 billion.

Original article: “Coinbase Rebuts Banking Concerns: Stablecoin Threat Narrative ‘Ignores Real Use Cases’”

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