Coinbase exec: Banks' hostility to stablecoins stems from ignorance

Faryar Shirzad, Chief Policy Officer at Coinbase, has argued that banks' strong hostility toward stablecoins stems from a misunderstanding of their real-world use. According to Cointelegraph, Shirzad emphasized that the majority of demand for stablecoins originates outside the United States. He asserted that this dynamic expands the global dominance of the U.S. dollar rather than creating competition for domestic U.S. banks. Shirzad's comments follow a letter from U.S. banks to Congress, which warned that the growing influence of stablecoins could trigger large-scale deposit outflows and increase systemic financial risk.