Coinbase (COIN) is partnering with some of the largest banks in the United States on pilot programs involving stablecoins, custody and trading of cryptocurrencies, CEO Brian Armstrong said Wednesday at the New York Times DealBook Summit.
“The top banks see this as an opportunity,” Armstrong said in a discussion alongside BlackRock CEO Larry Fink. He did not name specific banks. “Those who fight will be left behind.”
The announcement suggests a quiet but growing adoption of crypto infrastructure by traditional financial institutions, even as the broader market remains subject to strict regulatory oversight. Stablecoins – digital tokens backed by cash or cash-like assets – have become a central focus for banks exploring tokenized finance.
The joint conference also addressed broader themes. Fink, who once rejected Bitcoin now sees it as a cover in these uncertain times. “You own Bitcoin because you are afraid for your physical security. You own it because you are afraid for your financial security,” he said. For Fink, Bitcoin is less about speculation and more about long-term protection against currency depreciation and increasing debt.
Armstrong also insisted that Washington impose clearer rules. He said he hoped the U.S. Senate would soon vote on a bill known as the CLARITY Act, which would establish legal definitions and responsibilities for crypto exchanges, token issuers and others in the digital asset space.
