Banks Stand as a Hindrance to DeFi; Comments Coinbase CEO
Coin Edition
Published Mar 11, 2023 15:02
Updated Mar 11, 2023 15:15
Banks Stand as a Hindrance to DeFi; Comments Coinbase CEO
- Charles Hoskinson tweeted that algorithmic stablecoins should be studied to fully realize the vision of BTC.
- The CEO clarified Coinbase’s announcement on the halting of USDC: USD conversion on weekends.
- Hoskinson responded to Jesse Powell’s suspicion on the pegged stablecoins.
Charles Hoskinson, the co-founder of the blockchain companies Input Output Global (IOG) and Coinbase (NASDAQ:COIN) tweeted today morning clarifying Coinbase’s announcement on the temporary halt of USDC: USD conversion during the weekends while the banks are closed. Hoskinson reiterated that it is essential to have full-fledged research on algorithmic stablecoins to realize “the original vision of Bitcoin”.
Notably, on March 11, the Coinbase CEO shared the Twitter thread emphasizing that the “banks would always let you down as long as they are fractional reserve”:
In addition, he pointed out that the USDT “depegged” to the upside, “worth 1.06 USD and 1.08 USDC”, mentioning that USDC dipped to 0.89 USD.
It was in response to suspicions of Powell regarding the pegged stablecoins, Hoskinson commented about the interference of the traditional banks that stands as a hindrance in the flawless functioning of the decentralized financial institutions.
The post Banks Stand as a Hindrance to DeFi; Comments Coinbase CEO appeared first on Coin Edition.
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