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Do Kwon had the right idea, banks are risk to fiat-backed stablecoins

Summary by Ground News

Binance CEO Changpeng Zhao believes banks are a risk to stablecoins pegged 1:1 with fiat currencies, like the US dollar. Circle disclosed that Silicon Valley Bank (SVB) did not process its $3.3 billion withdrawal request. The crypto market responded to the revelation by selling off their USDC holdings, causing USDC to lose its peg.

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Changpeng Zhao: Banks Represent A Risk To Fiat-backed Stablecoins

Binance’s CEO Changpeng Zhao has some doubts about stablecoins backed by fiat money. Binance CEO Changpeng Zhao tweeted on March 12 that banks are a concern for fiat-backed stablecoins.

2 years ago

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Changpeng Zhao: Banks Represent A Risk To Fiat-backed Stablecoins

Binance's CEO Changpeng Zhao has some doubts about stablecoins backed by fiat money.

2 years ago

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http://crypto.et

Do Kwon had the right idea, banks are risk to fiat-backed stablecoins: CZ

Given Silicon Valley Bank’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins.

2 years ago

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https://infocrypto.org

Do Kwon had the right idea, banks are risk to fiat-backed stablecoins: CZ

Given Silicon Valley Bank’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins.

2 years ago

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https://www.klfcoin.com

Do Kwon had the right idea, banks are risk to fiat-backed stablecoins: CZ

Given Silicon Valley Bank’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins.

2 years ago

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firstcoinexchange.com

Do Kwon had the right idea, banks are risk to fiat-backed stablecoins: CZ

Given Silicon Valley Bank’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins.

2 years ago

Read Full Article

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Cointelegraph broke the news in 2 years ago on Sunday, March 12, 2023.

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