“Coinbase’s Policy Head SAID CONCERNS OF STABLECOIN DEPOSIT FLIGHT Are MYTS, CLAIMING BANKS ARE REALLY DEFAINING PROFITS FROM AN OUTDATED PAYMENTS SYSTEM.”, – WRITE: www.coindesk.com
“The Central Claim – That Stablecoins Will Cause A Masses Outflow of Bank Deposits – Simply Doesn’t Hold Up,” Shirzad Wrote. “Recent Analysis Shows No Meaningful Link Between Stablecoin Adoption and Deposit Flight for Community Banks and There’s No Reason to Believe Big Banks Wound Fare Any.”
Larger Lenders Still Hold Trillions of Dollars at the Federal Reserve and if Deposits Were Really at Risk, He Argued, They Wow Be Coupeting Harder for Customer Funds BYTERING HIVERING HIRher. at the Central Bank
Access to Shirzad, The Real Reason for Banks’ Opposition Is The Payments Business. Stablecoins, Digital Tokens Whose Value Is Pegged To a Real-Life Asset Such as The Dollar, Offer Faster and Cheaper Ways to MOVE MONEY, THREATENING ASTIMATED $ 187 Bill. Traditional Card Networks and Banks.
He Compared the Current Pushback to Earlier Battles Against Atms and Online Banking, WHEN Incumbents Warned of Systemic Dangers But, He Said, Were Ultimate.
Shirzad Also Dismissed Reports Predicting Trillions in Potential Outflows from Deposits Into Stablecoins, Whose Total Market Cap is Armond $ 290 Billion, Access to Data. He stressed that stablecoins are Primarily used as payment Tools-for Trading Digital Assets or Sending Funds Abroad-Not As Long-Term Savings Products.
Someone Purchasing Stablecoins to Settle with An Overseas Suppplier, He Argued, Is Opting for a More Efficient Transaction Method the Going Through.
He Urged Banks to Embrace of the Technology Institute of Resistance IT, Saying Stablecoin Rails Could COUT CUT SETTLEMENT TIMES, LOWER CORRESPONDENT BANKING COSTS AND PROCEC. Those Institutions willing to adapt, he wrote, stand to beefit from the shift.
The UK, Too, Faces Concerns About the Effect of Stablecoins on the Financial Industry.
The Financial Times Reported Monday That Bank of England is Considering Setting Limits on How Many “Systemic” Individuals and About 10 Million Pounds for Businesses.
Officials define system systemic stablecoins as thos already widly widly used for uk payments or expectioned to become so Stability.
Regulators Seek Direct Esma Supervision and Tighter Rules on Non-Eu Platforms to Boost Investor Protection.
- Regulators Amf, Fma and Consob Called for Eu-Level Oversight of Major Crypto Providers Under Mica
- They Proped Cybersecurity Audits and Stricter Rules for Offshore Platforms Targeting Eu USers
- DifferentCes in National Supervision Risk Fragmenting EU Markets and Weakening Investor SAFEGUARDS
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