- Armstrong hailed yield-bearing stablecoins as a ‘win-win.’
- Senator Gillibrand worried that stablecoin rewards could kill banks.
Coinbase CEO Brian Armstrong slammed critics of yield-bearing stablecoins as ongoing legislation sparks division between crypto and traditional bank supporters.
In an X (formerly Twitter) post on the 31st of March, Armstrong stated that the ‘onchain interest rate is a win-win’ for the U.S., global stablecoin users, and the U.S. government via increased demand for Treasury bills.
“U.S. stablecoin legislation should allow consumers to earn interest on stablecoins. Banks and crypto companies alike should both be allowed to, and incentivized to, share interest with consumers. This is consistent with a free market approach.”
Here, Armstrong referred to two stablecoin bills—the GENIUS and STABLE Acts.
However, his criticism was aimed at recent comments by U.S. Senator Kirsten Gillibrand, the co-sponsor of the GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act.
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