Coinbase CEO: The platform holds approximately $0.42 trillion in assets for its customers, making it the 21st largest “bank” in the United States by total assets

Odaily Planet Daily News Coinbase CEO Brian Armstrong said in a post on X: "If you think of Coinbase as a bank, we now hold about $0.42 trillion in assets for our customers, which will make us the 21st largest bank in the United States by total assets, and it's still growing. If you think of us as a brokerage firm, we would now be the eighth largest brokerage firm by AUM. If you think of us as a payment company... Honestly, I'm not sure where we rank on that list. There are multiple ways to measure it, but last year the total amount of stablecoin payments was about $30 trillion (but not all of them are goods and services). The point is that for cryptocurrencies, the boundaries between these categories are blurring. In the traditional financial system, there are many legacy reasons to separate them, but not all of them are good reasons. Why does the money you spend depreciate instead of appreciating like an investment? Why can't your checking account earn income like a savings account (or better yet, like a short-term Treasury bond)? Many people use Coinbase for investment, but also for consumption, getting loans, etc. In the updated financial system, you will have a single main financial account that can provide all of these functions. Over time, global GDP A greater percentage of will run on more efficient crypto rails. We will have sound money, lower transaction friction, and greater economic freedom.”