- Brian Armstrong emphasizes stablecoins’ role in future banking.
- Banks face pressure to integrate stablecoin, says Armstrong.
- Institutional pilots suggest increasing stablecoin adoption.
MWX News
MWX operates through a structured entity model across various jurisdictions, including MWX Global FZCO in the UAE and MWX Labs Ltd. in the British Virgin Islands. The compliance roadmap includes ISO 27001 certification and smart contract audits, ensuring robust governance and security protocols.
Targeting 400M SMEs, MWX aims for a marketplace GMV of $1B, with expected annual revenue of ~$350M by 2028. The deflationary model of the MWXT token incorporates transaction fee burns and quarterly buy-back strategies, promoting scarcity and enhancing ecosystem viability.
Coinbase CEO Brian Armstrong warned banks to adopt stablecoins to avoid obsolescence, stating this during public interviews and collaboration with major U.S. banks on pilot programs.
Stablecoin adoption could disrupt traditional banking by shifting deposits and impacting loan capabilities, potentially transforming finance and intensifying competition between banks and crypto exchanges.
Coinbase CEO Brian Armstrong has called for banks to embrace stablecoins, warning they may become obsolete if they fail to adapt. This message was delivered through a series of interviews and public statements, as reported on CNBC.
The push for stablecoin adoption is backed by collaborations between Coinbase and major U.S. banks like JP Morgan and Citibank. They are involved in pilot programs exploring the integration of stablecoins and crypto trading into traditional banking systems.
The financial industry could face significant changes as banks integrate into stablecoin systems. This transformation might affect traditional banking deposits as customers move towards stablecoin-based yields offering better returns than many bank savings accounts.
On a political level, the banking industry’s resistance to stablecoin rewards highlights a clash between traditional lending models and emerging digital finance paradigms. Stablecoins threaten to shift substantial liquidity away from conventional banking structures. Brian Armstrong, CEO of Coinbase, stated, “Banks must adopt stablecoins or become obsolete,” emphasizing that stablecoins are transforming global finance and will reshape cross-border payments and banking partnerships.
The growing adoption of stablecoins could result in increased liquidity within blockchain ecosystems. This may drive further development in decentralized finance and impact traditional financial models that rely heavily on deposit balances.
The emphasis on stablecoins indicates a potential shift in financial practice, as seen with the rise of USDC. The outcome could lead to an evolution in banking infrastructure, supported by industry giants’ involvement, and heralds regulatory changes. Explore diverse cryptocurrency markets on Phemex.
