Coinbase CEO calls for US to allow interest on stablecoins

The CEO of Coinbase, Brian Armstrong, pleads for American regulations to allow consumers to gain interest in stablescoins.

Armstrong argued in an X job What to allow stable Interests would benefit consumers, widen financial access on a global scale and strengthen the American economy.

He explained that stablecoins are generally supported 1: 1 by the dollar and detained in low -risk assets such as treasury bills. The interest of these reservations is generally preserved by transmitters rather than transmitted to consumers.

Onchain’s interest as “victory” for American consumers

He argued that “ONCHAIN’s interest” could work as a current account of interest, giving users direct access to yields comparable to the reference rate of the federal reserve.

“American consumers win,” said Armstrong. “They will benefit from the interest of Onchain, because they are injured the most without that.”

According to Armstrong, American consumers are currently gaining minimal interest On savings accounts despite high market rates, resulting in real loss of purchasing power.

He also pointed out that billions on a global scale remain sub-banking and could benefit from access to US dollars of interest via stablescoins.

In addition, he noted that Stablecoins are among the biggest holders Treasury bills, strengthening the domination of the dollar.

Armstrong has said that regulatory obstacles prevent Stablecoins from providing interest in the same way as banks. He called on legislators to remedy it in Stable legislationarguing that a free market approach would benefit consumers and keep innovation in the United States

“So why don’t we do that today?” Questioned Armstrong. “The technology is all there, but the law has not caught up.”