Analysts warn of risks, including potential asset outflows from banks in developing nations if stablecoins gain traction, which could prompt central banks to push digital currencies.

DealBook appearance underscored a convergence between a crypto-native firm and BlackRock on digital assets, despite differing approaches.

The narrative frames these partnerships as part of Coinbase’s broader mission to integrate digital assets into the global economy and reduce barriers to on-chain financial services for consumers.

Ecosystem partnerships include plans to tokenize auto loans using blockchain, with early 2026 portfolios anticipated, leveraging a network of dealerships and financial institutions.

Stablecoins backed by cash or short-term Treasuries are viewed as entry points for traditional firms into on-chain settlement, aligning with tokenization efforts at major asset managers and payment networks.

Armstrong pushes for clearer U.S. regulatory guidelines, supporting the CLARITY Act to define market roles for crypto exchanges, token issuers, and platforms to reduce friction for U.S. firms.

Capping a busy week, the deal at the DealBook Summit is that major U.S. banks are piloting Coinbase-led programs around stablecoins, crypto custody, and digital-asset trading for institutional clients, signaling a serious pivot toward crypto infrastructure on Wall Street.

Armstrong notes these pilots involve big banks, though he doesn’t name institutions publicly, underscoring a private-sector push to embed crypto rails into traditional finance.

Regulatory scrutiny remains a backdrop, but the conversations point to a broader, slower-moving mainstream acceptance of crypto technologies within established financial institutions.

Armstrong maintains a long-term view that, even with macro-driven price pullbacks, assets like shares, bonds, and real estate could eventually exist as tokens on open networks.

Larry Fink has framed Bitcoin as a macro hedge for stability and financial security, reflecting growing institutional acceptance of crypto as a legitimate asset class.

New U.S. stablecoin legislation ties dollar-backed tokens to Treasuries and cash reserves, potentially expanding Treasury issuance capacity and affecting funding costs like mortgage rates.