Coinbase chief executive Brian Armstrong believes that the signing of a stablecoin bill into law marks the beginning of a new financial era in the US.
On July 18th, President Trump signed the GENIUS Act into law with the aim of strengthening the US dollar’s reserve currency status and making America the “undisputed leader” in digital assets.
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The law establishes a regulatory framework for stablecoins, cryptocurrencies pegged to the US dollar, requiring each token to be fully backed by liquid assets such as cash or short-term US Treasuries.
In a new CNBC interview, Armstrong says the law has put the US in a position to move money efficiently across the globe.
“This stablecoin bill passing into law is really a financial revolution for America. It means crypto can finally start updating the financial system, especially for our payments, which are running on these creaky old systems that are decades old. Now, every payment in our economy can be fast, cheap and global – under one second, one cent, anywhere in the world.”
According to Armstrong, he now expects blue-chip companies to start using stablecoin payments to reduce transaction costs.
“Now that we have clear legislation, we’re going to see the Fortune 500 really start to adopt stablecoins. We’ve started to see this a little bit already even with the news that this was going to pass in the near future. Coinbase just launched an integration with Shopify, for instance, and we’ve seen announcements from Walmart and Amazon. Almost every Fortune 500 company is now coming in and starting to look at stablecoin payments.
This is a big opportunity for us. It’s a TAM (total addressable market) expansion for our business. And we think that we can provide these wallets and payment APIs for the whole financial system and every company, eventually.”
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