Needham & Co. Vice President John Todaro discusses whether USDC could become the de facto CBDC for the U.S. and why Coinbase could operate like a traditional finance company if it were to “mint” more of the token. _franvela reports
by volume in the world and one of the companies behind the stablecoin , will benefit from USDC’s growth.“USDC is exciting [in the] long term,” Todaro said. “We’re excited about stablecoins.”
The analyst, whose focus is on crypto assets and blockchain research, told CoinDesk TV that considering the slow pace of development for a U.S. CBDC it is “debatable” whether “private markets” will ever choose to use one. But a stablecoin like USDC, which is pegged 1:1 with the U.S. dollar, is another matter.
“If you see USDC’s circulating supply continue to grow, and Coinbase accounts are involved with minting USDC,” said Tardano, “as [interest] rates and those reserve assets continue to rise the interest income on that is going to increase.” Though the crypto exchange’s actual revenue inched just above $590 million, missing Needham & Co.’s $603 million
and down from the second quarter’s top line of $803 million, Todaro said it wasn’t “necessarily an awful quarter” for Coinbase. He added that his firm has a buy rating and $89 price target.
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