Coinbase and Major U.S. Banks Test Stablecoin and Crypto Custody Pilots
What Did Coinbase Reveal at the DealBook Summit?
Coinbase CEO Brian Armstrong said the platform is working with several large U.S. banks on pilot programs involving stablecoins, crypto custody and trading. The disclosure came during the New York Times DealBook Summit, where Armstrong appeared onstage with BlackRock CEO Larry Fink.
He did not name specific institutions but said the interest level among top banks is rising. “The best banks are leaning into this as an opportunity,” Armstrong said. “The ones who are fighting it are going to get left behind.”
The comment adds to a broader pattern in 2025: banks are quietly integrating tokenized settlement, stablecoin rails and direct custody services as part of long-term modernization plans, even while public debate in Washington remains divided.
Investor Takeaway
Why Are Banks Focusing on Stablecoins?
Stablecoins backed by cash or short-term Treasuries have become the entry point for traditional financial firms exploring on-chain settlement. They offer dollar exposure without the volatility of traded crypto assets and fit into internal tokenization pilots already running at banks, clearinghouses and payment processors.
For banks, the appeal includes quicker settlement, lower reconciliation overhead and a way to extend dollar-based services to digital platforms without building new consumer products. Armstrong’s comments suggest that U.S. banks want to stay aligned with tokenized-finance experiments happening at BlackRock, Franklin Templeton and .
The partnership activity also reflects pressure from corporate clients asking for stablecoin rails for treasury operations, cross-border transfers and liquidity management — areas where crypto-native firms have already gained ahead ground.
What Did Larry Fink Say About BTC?
Fink, who once dismissed BTC, repeated his view that the asset is increasingly used as protection against global instability. “You own BTC because you’re frightened of your physical security. You own it because you’re frightened of your financial security,” he said.
His framing places BTC closer to a macro hedge than a speculative instrument. With U.S. debt near record levels and geopolitical risks elevated, Fink said BTC’s appeal has widened beyond ahead adopters. and its ongoing tokenization work reflect that shift.
The joint appearance underscored how both companies — one crypto-native, one the world’s largest asset manager — are converging in their views on digital assets, even if their approaches differ.
Investor Takeaway
Armstrong Pushes for Senate Vote on Crypto Market Rules
Armstrong used the event to call for a Senate vote on the CLARITY Act, a bill designed to provide legal definitions for digital assets, market structure, token issuers and trading platforms. The measure is intended to bring a consistent framework to an industry facing overlapping enforcement actions and conflicting interpretations of securities law.
He said predictable rules would assist companies build products without guessing how regulators will respond. Armstrong noted that while are experimenting with tokenization, the absence of clear federal legislation remains one of the largegest friction points for U.S. crypto firms.
The House has advanced several digital asset bills over the past year, but the Senate has yet to bring the CLARITY Act to a vote. Armstrong’s comments add public pressure at a time when bipartisan discussions around stablecoins and crypto-market rules have begun to accelerate.
What Comes Next?
If major U.S. banks move from pilot programs to production use, stablecoins and custody services would become part of their standard infrastructure, not isolated experiments. That would mirror trends already underway in Europe and Asia, where tokenized deposits, settlement networks and regulated stablecoins are moving toward mainstream adoption.
Armstrong’s push for legislation also reflects a broader concern: without clear rules, U.S. financial institutions could more sluggishly than their global peers. Meanwhile, demand from keeps rising.
The DealBook appearance showed how much the tone has changed. A crypto platform and the world’s largest asset manager now share a stage discussing stablecoins, custody and BTC hedging — topics that were marginal in traditional finance only a few years ago.
