Coinbase (COIN) is collaborating with some of the largest U.S. banks on pilot initiatives involving stablecoins, crypto custody, and trading, as announced by CEO Brian Armstrong on Wednesday at the New York Times DealBook Summit.
“The leading banks are embracing this as an opportunity,” Armstrong stated during a discussion with BlackRock CEO Larry Fink, without naming specific institutions. “Those resisting will risk being left behind.”
This announcement indicates a subtle yet increasing acceptance of crypto infrastructure by mainstream financial entities, even as the broader market faces intense regulatory examination. Stablecoins — digital currencies tied to cash or similar assets — are becoming a key focus for banks that are delving into tokenized finance.
The joint discussion also touched upon wider themes. Fink, who previously dismissed bitcoin , has now come to view it as a safeguard during uncertain times. “You own bitcoin because you fear for your physical security. You hold it because of concerns regarding your financial stability,” he noted. For Fink, bitcoin transcends speculation and serves as long-term protection against currency devaluation and escalating debt.
Armstrong also advocated for clearer regulations from Washington, expressing hope that the U.S. Senate would soon vote on the CLARITY Act, which aims to create legal definitions and obligations for crypto exchanges, token issuers, and other participants in the digital asset ecosystem.
