Coinbase ( COIN ) is partnering with some of the largest banks in the United States on pilot programs involving stablecoins, crypto-escrow and trading, CEO Brian Armstrong said Wednesday at the New York Times DealBook Summit.
“The best banks are leaning into this as an opportunity,” Armstrong said during a discussion with BlackRock CEO Larry Fink. He did not mention specific banks. “Those who fight it will be left behind.”
The announcement suggests a quiet but growing embrace of crypto infrastructure by mainstream financial institutions, even as the broader market remains under tight regulatory scrutiny. Stablecoins — digital tokens backed by cash or cash-like assets — have become a key focus for banks exploring tokenized finance.
The joint performance also covered broader themes. Fink, who once rejected bitcoin now see it as a hedge in uncertain times. “You own bitcoin because you’re afraid of your physical security. You own it because you’re afraid of your financial security,” he said. For Fink, bitcoin is less about speculation and more about long-term protection against currency depreciation and ballooning debt.
Fink said so
Armstrong also pushed for clearer rules from Washington. He said he hopes the US Senate will soon vote on a bill known as the CLARITY Act, which would establish legal definitions and responsibilities for crypto exchanges, token issuers and other players in the digital asset space.
