According to Odaily Planet Daily, Coinbase's head of policy, Faryar Shirzad, published a post on Tuesday refuting the banking industry's concerns about stablecoins, calling their claims of massive deposit outflows unfounded. He noted that stablecoins are primarily used for digital asset trading and cross-border payments, not long-term savings, and currently have a market capitalization of approximately $290 billion. Shirzad believes the real reason for banks' opposition is to protect their payment revenue, which stands at risk, with approximately $187 billion in annual card fee revenue for traditional card networks and banks.