Coinbase (COIN) is working with some of the largest U.S. banks on pilot projects involving stablecoins, cryptocurrency custody and trading, CEO Brian Armstrong said Wednesday at the New York Times DealBook Summit.
“The best banks are looking at this as an opportunity,” Armstrong said in discussions with BlackRock CEO Larry Fink, without naming the banks. “Those who fight it will be left behind.”
The announcement demonstrates the quiet but growing acceptance of crypto infrastructure by mainstream financial institutions, even as the broader market remains under intense regulatory scrutiny. Stablecoins — digital tokens backed by cash or cash-like assets — have become a focus for banks exploring tokenized finance.
The joint appearance also covers a wider range of topics. Fink, who once dismissed Bitcoin now view it as a hedge in uncertain times. “You own Bitcoin because you fear for your physical security. You own it because you fear for your financial security,” he said. For Fink, Bitcoin is less about speculation and more about long-term protection from currency debasement and debt inflation.
Armstrong also urged Washington to enact clearer rules. He said he hopes the U.S. Senate will soon vote on a bill called the Clarification Act, which would establish legal definitions and responsibilities for cryptocurrency exchanges, token issuers and other players in the digital asset space.
