Coinbase CEO Brian Armstrong says the digital asset exchange is moving as fast as possible to support one crypto use case often overshadowed by trading.
In an earnings call, Armstrong says the payments category is one of the biggest sectors driving mass adoption in crypto.
[adinserter block="1"]Specifically, the Coinbase CEO is looking at stablecoin payments, a crypto sector that he notes has grown by 200% in terms of volume in just one year.
“We think crypto is much, much more than just an asset class that people want to trade. There’s going to be daily use cases for everybody in the world as crypto updates the global financial system. And one of those big categories is payments. We’re already at scale, I’d say, on stablecoin payments.
There was $30 trillion of crypto stablecoin volume last year. That was up 3x year-over-year. And so we’re moving with haste to integrate crypto payments across our entire suite of products.
We think that will be a big business over time.”
Armstrong says Coinbase is bullish on stablecoins and is moving to support Circle’s USDC to make it the number one dollar-pegged crypto asset.
“We think USDC has a network effect behind it and the compliant approach that they’ve taken is, I think, going to be really defensible long term. So we’ll be accelerating the market cap growth of USDC with more partnerships and leaning into new use cases like adding payment support across our product suite.”
USDC is the second-largest stablecoin in market cap with a $56.37 billion valuation. Tether’s USDT is at the top with a market cap of $142 billion.
As for the broader crypto market, Armstrong believes that 2025 will be a great year for digital assets as governments around the world soften their stance on the asset class.
“The regulatory overhang is lifting. Governments are leaning in, and we’re shaping the next chapter of crypto from trading to payments to consumer apps and beyond. 2025 is going to be a very good year.”
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