Coinbase's head of policy, Faryar Shirzad, published a post on Tuesday refuting the banking industry's concerns about stablecoins, calling their claims of causing a massive outflow of deposits 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 threatens approximately $187 billion in annual card fee revenue for traditional card networks and banks.