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 <p class="is-style-lead">The U.S.-based crypto exchange Coinbase is doubling down on its efforts to bring more regulatory clarity for stablecoins.</p>
 <p>In a blog post on Monday, Dec. 4, 2023 the San Francisco-headquartered crypto exchange noted younger adults feel the “everyday pain points of dealing with the current financial system,” saying stablecoins offer consumers “all the benefits of cash without the drawbacks.”</p>
 <p>Coinbase being a stakeholder in Circle, the issuer of the USDC <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>, claims that physical cash “no longer meets the needs and expectations of today’s digitally savvy consumers” as interbank transfers can take days, while its crypto-alternatives are way cheaper and faster to move.</p>
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   Stablecoin popularity in Nigeria, Brazil and Argentina | Source: Coinbase
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 <p>Yet, regulatory hurdles still keep the U.S. from becoming a “crypto hub,” while Nigeria and Brazil are proving to be “pivotal in encouraging the adoption of <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s and cryptocurrencies around the world,” Coinbase says.</p>
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  <p>“Clear, sensible <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> rules are needed now in order to make sure the U.S. doesn’t fall behind.”</p>
  <p>Coinbase</p>
 </blockquote>
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 <p>Although no specific suggestions regarding <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> <a rel="noopener noreferrer nofollow" title="regulation" href="https://thebittimes.com/tag/regulation.html">regulation</a> were provided by the exchange, Coinbase called on the crypto community to call members of Congress to support legislation that “will enable <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s while protecting consumers, and become a part of communities advocating for crypto <a rel="noopener noreferrer nofollow" title="regulation" href="https://thebittimes.com/tag/regulation.html">regulation</a>s.”</p>
 <p>However, stablecoins appear to be still suffering from liquidity risks should extreme conditions occur. In March 2023, reports surfaced that Coinbase offered a $3 billion credit line to Circle in an effort to bring the stablecoin back to its $1 peg. The credit test came shortly after USDC lost its peg to the U.S. dollar due to Circle’s&nbsp;$3.3 billion exposure&nbsp;to Silicon Valley Bank, which was taken over by the Federal Deposit Insurance Corporation following a run on the lender.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Large cap stablecoins depegged 600+ times in 2023: Moody’s
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/coinbase-urges-u-s-lawmakers-to-bring-clear-stablecoin-regulation-as-cash-is-outdated-tbt72606.html">https://thebittimes.com/coinbase-urges-u-s-lawmakers-to-bring-clear-stablecoin-regulation-as-cash-is-outdated-tbt72606.html</a></p>

Coinbase urges U.S. lawmakers to bring clear stablecoin regulation as ‘cash is outdated’

TheBitTimes

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