This week, Coinbase publicly opposed the latest version of the CLARITY Act over a continuing dispute surrounding stablecoin yield. The CLARITY Act is designed to create a regulatory framework for digital assets in the United States. Advocacy groups from both the crypto industry and traditional banking have been lobbying over its provisions for months.
Garlinghouse warned against a scenario where policy is used as a political tool rather than a framework for advancing U.S. competitiveness. "We want to make sure we can't have another Gary Gensler moment where they try to weaponize policy in a way that is about politics, not about what's good for the United States," he said.
He also
described stablecoins as a potential inflection point for business adoption of blockchain technology. He said executives at Fortune 500 and Fortune 2000 companies are already directing their treasurers and CFOs to evaluate stablecoin strategies.
Stablecoin trading volume exceeded $33 trillion in 2025, though nearly 90% of that activity was driven by
USDT and
USDC, Garlinghouse noted. Bloomberg Intelligence projected in January that stablecoin flows could grow at an 80% compounded annual rate and reach $56.6 trillion by 2030.
Ripple launched its own stablecoin, Ripple USD (
RLUSD), in December 2024. As of the latest available data, RLUSD ranked as the 10th-largest stablecoin by market cap at $1.4 billion.
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