Coinbase Blasts BIS Stablecoin Criticism: 'Unfair Standard'

Coinbase has criticized the Bank for International Settlements (BIS) over its claims that stablecoins fall short as money. Faryar Shirzad, Chief Policy Officer at Coinbase, argued that BIS has idealized the monetary system while holding traditional banking to a standard it doesn't meet in reality.

Shirzad pointed out that stablecoins are being used beyond crypto trading, citing examples such as Visa and Mastercard's acceptance of stablecoin settlements. He also noted that Stripe's acquisition of Bridge is another indication of the growing use cases for stablecoins.

The BIS had claimed that stablecoins fail to meet the standard of singleness due to their imperfect par trade. However, Shirzad countered that traditional finance already breaks this standard through fees and charges such as ATM fees, interchange costs, and correspondent-banking charges.