Loading...
Faryar Shirzad, Chief Policy Officer of Coinbase, has issued a statement refuting concerns from the American Bankers Association (ABA) regarding the outflow of bank deposits due to stablecoin rewards. Faryar Shirzad stated that the existing data does not support the view that stablecoin rewards weaken community bank deposits. From June 2019 to March 2026, community bank deposits increased by $482 billion. The study by Charles River Associates and the Council of Economic Advisers did not find a significant relationship between stablecoins and bank deposits. Faryar Shirzad calls for the passage of the CLARITY Act, which will grant new powers to banks for custody, pledging, lending, payment, clearing, and market making.