- Market structure rules may allow non-bank firms to issue stablecoins, extending access beyond banks enabled by the GENIUS bill.
- Stablecoins could help companies retain users, control payments and capture transaction data within closed ecosystems.
- Strong brands like Amazon or Disney could sustain stablecoin use, even with small fees, under clearer regulatory rules.
The crypto market structure bill could change how companies use stablecoins, according to Coinbase Head of Strategy John D’Agostino. He explained the shift during a discussion focused on regulation and adoption. His remarks described how the bill may expand stablecoin use beyond banks and into corporate ecosystems, changing customer engagement models.
Market Structure Compared to the GENIUS Bill
D’Agostino said the market structure bill could mirror the impact of the GENIUS bill on stablecoins. Notably, he explained that the GENIUS bill enabled banks to issue and manage stablecoins under clearer rules.
However, he added that market structure rules would extend similar access to non-bank companies. According to D’Agostino, companies with strong ecosystems could launch stablecoins to retain users within their platforms.
He said this would allow firms to manage transactions directly while maintaining customer relationships. As a result, stablecoins could become tools for engagement rather than only payment instruments.
Stablecoins as a Business and Data Tool
D’Agostino noted that stablecoins offer more than transaction efficiency for companies. He said stablecoin transactions generate embedded data that companies can analyze and use. Additionally, he said customers often prefer stablecoins due to speed, transparency, and reward incentives.
He described stablecoin issuance as a profitable activity for companies with captive user bases. Moreover, he explained that firms could reduce reliance on external payment systems. This control, he said, allows companies to own both transactions and customer interactions more closely.
Examples of Captive Ecosystems
To illustrate the point, D’Agostino referenced examples he uses in university classes at MIT and Columbia. He described Amazon as a hypothetical case. In the scenario, users would transact only through an Amazon-issued stablecoin.
He explained that most users would continue using Amazon even with small transaction costs. However, resistance increased when costs approached nine or ten cents per dollar. According to D’Agostino, this shows how strong brands could sustain stablecoin systems.
He added that companies like Disney, Netflix, and Amazon may experiment with stablecoins under clearer market structure rules.
