Meanwhile, Binance is not alone in considering a move to traditional finance; with Kraken has also stated its intentions to open a bank, a move toward traditional finance that these enigmatic crypto founders believe will lead to Web3’s eventual holy grail: full decentralization.

The FTX collapse has put crypto-friendly banks under increased scrutiny, and the recent failures of SVB and Silvergate add to the pressure on these institutions.

CZ indicates continued support for stablecoins

The Binance CEO also tweeted his support for other stablecoins in the broader ecosystem, highlighting Binance’s recent addition of several stablecoin pairs.

CZ is concerned that this is an attack on cryptocurrencies

CZ also speculated that “there appears to be a coordinated effort to shut down crypto-friendly banks,” pointing to the Signature case as an example, but also noting that the stablecoin system is, ironically, under attack from a bankruptcy. , rather than a cryptographic flaw.

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

This post Binance CEO CZ ‘Banks Are a Risk to Fiat-Backed Stablecoins’ in Reaction to SVB, USDC Depegging

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