TechFlow news, September 16 — According to CoinDesk, Coinbase policy chief Faryar Shirzad on Tuesday pushed back against banks' concerns about stablecoins, calling claims that stablecoins would cause massive outflows of deposits baseless. He noted that stablecoins are primarily used for digital asset transactions and cross-border payments, not long-term savings, with a current market cap of approximately $290 billion. Shirzad believes the real reason banks oppose stablecoins is to protect their payment revenues, as traditional card networks and banks face threats to their annual swipe fee income of around $187 billion.
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