Matthieu Gavaudan Profile picture
Jun 6 4 tweets 1 min read Read on X
People in crypto should pay attention to the drama happening with the banking as a service provider Synapse / their old banking partner Evolve / all the fintech startups that got rugged by them

The current problem is that literally no one knows the current state of the ledger - no one knows where the deposits actually are

eg. a startup is claiming they have 111m usd in customer deposits at Evolve but Evolve says they only have 80m
If only there were a technology that allows for a transparent immutable ledger that shows flow of funds...

Everyone is blaming lack of regulations and governance when this could all be fixed if it were done with stablecoins onchain
Maybe i'm missing something but this seems like a perfect example of the elusive "use case" everyone in crypto is always looking for

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