Coinbase CEO Brian Armstrong Says Company Action Unrelated To Tether

According to the Wall Street Journal, Coinbase CEO Brian Armstrong stated in an interview on December 10 that if the rule is clear, it may encourage the usage of USD Coin (USDC).

In a Friday interview with the Wall Street Journal, he stated that USD Coin would become “the de facto central bank digital currency” of the United States.

“If we can get regulatory clarity, I think it will sort of shepherd in or grandfather in some of these stablecoins that have been following best practices around being audited and regulated,” he said.

According to earlier reports, Coinbase posted an article encouraging customers to swap USDT for USDC and stating that the processing charge for converting USDT to USDC will be reduced or waived. It seems USDC is now battling for market share with Tether.

Armstrong clarified that the company’s decision had nothing to do with Tether:

“It’s just that we happen to have co-created USDC along with Circle and we have an economic interest in seeing that growth, and so we want to encourage people to use USDC,” he added.

Coinbase stated that it co-founded USDC in 2018, which is 100% backed by cash and short-term U.S. Treasury bonds held by U.S. regulatory financial institutions and has passed the monthly certification of accounting firm Grant Thornton LLP.

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