- Coinbase receives significant revenue from USDC reserves, including 50% of Circle’s “residual payment base.”
- SkyBridge Capital founder Anthony Scaramucci frames crypto firms like Coinbase and Tether as “Uber” to the banking sector’s “cab companies.”
- The battle over stablecoin yield features is a central regulatory flashpoint in the competition between traditional finance and crypto-native firms.
- Tether is expanding in the U.S. market with a new federally regulated stablecoin called USA₮.
- The SEC clarified that broker-dealers can apply a 2% haircut to payment stablecoins when calculating net capital.
During Bitcoin Investor Week, SkyBridge Capital founder Anthony Scaramucci argued that crypto firms are disrupting traditional banking models. He compared Coinbase and Tether to Uber, while labeling banks as outdated cab companies fighting technological change.
Scaramucci suggested banks face a binary choice: adopt blockchain technology or lobby Washington to stall it. Specifically, he predicted pressure to “don’t let stable coin holders have yield on their stuff,” a point stalling current legislation like the CLARITY Act. Consequently, stablecoins sit at the center of this financial competition.
Meanwhile, Tether moved to work within proposed U.S. regulations by announcing a new federally regulated stablecoin, USA₮. For its part, Coinbase benefits directly from stablecoin economics. Disclosures show the exchange earns a share of USDC reserve revenue, including half of Circle’s residual payment base.
Regulators are also adapting to the stablecoin landscape. On Friday, the SEC’s Division of Trading and Markets said it would not object to broker-dealers applying a 2% valuation haircut to payment stablecoins for net capital calculations. This treatment aligns stablecoins with money market funds.
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