Coinbase CEO Brian Armstrong asserts that the enactment of a stablecoin bill heralds a new financial era in the United States.
On July 18, President Donald Trump signed the GENIUS Act into law, marking a pivotal moment aimed at bolstering the U.S. dollar’s status as a reserve currency and positioning the United States as a leader in the realm of digital assets. This new legislation establishes a regulatory framework for stablecoins—cryptocurrencies pegged to the U.S. dollar—requiring each token to be fully backed by liquid assets like cash or short-term U.S. Treasuries.
In a recent interview with CNBC, Brian Armstrong emphasized the transformative potential of the law, suggesting it enables the United States to efficiently facilitate global money transfers. “This stablecoin bill passing into law is really a financial revolution for America,” Armstrong stated. “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.”
Armstrong anticipates that blue-chip companies will increasingly adopt stablecoin payments to minimize transaction costs now that the legal landscape is clearer.
“Now that we have clear legislation, we’re going to see the Fortune 500 really start to adopt stablecoins,” Armstrong remarked. “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.”
He highlighted this development as a significant growth opportunity, noting its potential to expand the total addressable market for Coinbase. “This is a big opportunity for us,” Armstrong said. “And we think that we can provide these wallets and payment APIs for the whole financial system and every company, eventually.”
According to Daily Hodl, the inception of the GENIUS Act could signify the dawn of a new era where digital assets play a central role in the U.S. financial ecosystem.