Coinbase "U.S. should allow stablecoin interest...will lose market to China"
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Summary
- Coinbase CPO warned that if interest payments on stablecoins are banned, the U.S. could lose financial leadership to China's digital yuan.
- He expressed concern about the possibility that negotiations over the Genius bill currently underway in the Senate could limit stablecoins' ability to provide rewards.
- Shirzad CPO emphasized that protecting the dollar's hegemony and the U.S. financial system is important, not defending vested interests.
As debate heats up in the U.S. Congress over whether to allow interest (rewards) payments on stablecoins, a warning has emerged that banning them could cede financial leadership to China's 'digital yuan' offensive.
On the 6th (local time), Faryar Shirzad, Coinbase's Chief Policy Officer (CPO), said on his X, "There are those who misunderstand why providing rewards to U.S.-issued stablecoins under the Genius bill is important," and pointed out that "the People's Bank of China announcing it will pay interest on the digital yuan is timely and an eye-opening development."
Shirzad CPO said, "Tokenization is the future, and the Genius bill pushed by President Trump and Congress was a visionary step to make dollar stablecoins issued under U.S. rules a key payment method of the future."
However, he expressed concern as the reward-providing function of stablecoins faces the risk of being restricted during the market structure bill negotiations currently underway in the Senate.
He said, "If this issue is mishandled in the Senate negotiations, it would hand a decisive competitive advantage to non-U.S. stablecoins and central bank digital currencies (CBDCs) at the worst possible time," criticizing, "this would be a self-inflicted mistake that greatly helps global competitors."
He added, "Lobbyists representing vested interests will always resist change," and "what matters for negotiators is protecting the dollar's hegemony and the U.S. financial system, not the interests of vested powers."
