STASIS Responds To Circle's Decision To Freeze 75K Assets| MENAFN.COM

Tuesday, 04 October 2022 07:37 GMT

STASIS Responds To Circle's Decision To Freeze 75K Assets


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Gregory Klumov, CEO of stablecoin platform has responded to Circle's decision to freeze more than 75k of funds – claiming it goes against decentralisation and the whole backbone idea of Web3 .

STASIS Slams Circle's Decision

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Gregory Klumov, CEO of stablecoin platform, STASIS has slammed Circle's decision to freeze more than 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses (previously sanctioned by the U.S. Office of Foreign Assets Control's Specially Designated Nationals and Blocked Persons (SDN) list), claiming that it goes against decentralization and the whole backbone idea of Web3.

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“We at STASIS feel that there's still a huge gap in the learning curve when it comes to cryptocurrencies . When a euro stablecoin is issued by a U.S.- based entity using the U.S. legal and financial infrastructure, the risks of U.S. legislation are multiplied by European ones. When risks multiply, the resulting risk becomes the risk squared,” says Mr Klumov.

“Most users will be unaware of the level of risk involved with this emerging digital asset class. There are more than a dozen euro stablecoins on the market nowadays,” he adds. 

However, users can protect themselves by choosing EURS as it'll offer stability in this volatile crypto environment.

About STASIS

STASIS is EXANTE's sister company. EXANTE is a global WealthTech with a proprietary trading platform

Updated on Aug 15, 2022, 2:13 pm

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