He only means it effectively replaces minimum wage, in that we no longer have to require a minimum wage in order to ensure that people have enough money to eat

He only means it effectively replaces minimum wage, in that we no longer have to require a minimum wage in order to ensure that people have enough money to eat (setting aside the question of whether that actually works). McDonald's would obviously have to pay something in order to get people to work there. It could certainly get away with paying less if there were no minimum wage and people had a basic income.