Coinbase Partnering With Major U.S. Banks on Stablecoin and Crypto Pilots

Coinbase (COIN) is partnering with some of the largest banks in the U.S. on pilot programs involving stablecoins, crypto custody 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 alongside BlackRock CEO Larry Fink. He did not name specific banks. “The ones who are fighting it are going to get 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 central focus for banks exploring tokenized finance.

The joint appearance also covered broader themes. Fink, who once dismissed bitcoin BTC$92,948.65, now sees it as a hedge in uncertain times. “You own bitcoin because you’re frightened of your physical security. You own it because you’re frightened of your financial security,” he said. For Fink, bitcoin is less about speculation and more about long-term protection from currency debasement and ballooning debt.

Armstrong also pressed for clearer rules from Washington. He said he hopes the U.S. 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.