Binance CEO CZ ‘Banks are a danger to fiat-backed secure cash’ in response to SVB, USDC Depegging

In the meantime, Binance shouldn’t be alone in contemplating a transfer into conventional finance; with Kraken has additionally stating its intentions to open a financial institution, a transfer into conventional finance these enigmatic crypto founders imagine will result in the eventual holy grail of Web3 — full decentralization.

The collapse of FTX has put crypto-friendly banks below elevated scrutiny, with the latest failures of SVB and Silvergate including to the stress on these establishments.

CZ signifies ongoing help for stablecoins

The Binance CEO additionally Tweeted his help for different stablecoins within the broader ecosystem, noting Binance’s latest addition of a number of stablecoin pairs.

Supporting a number of stablecoins, at all times. Extra to return. https://t.co/5W1mHzOjoG

— CZ 🔶 Binance (@cz_binance) March 11, 2023

CZ worries that is an assault on crypto

CZ additionally speculated that “it appears like there’s a coordinated effort to close down crypto-friendly banks,” noting the case of Signature as one instance, but in addition noting that the stablecoin system is — sarcastically — below assault from a financial institution failure, moderately than a crypto failure.

“Banks are a danger to fiat-backed stablecoins,” he added in a follow-up Tweet.