Tron founder Justin Sun has expressed interest to buy shares of embattled investment bank Credit Suisse and bring it to web3. It needs to be mentioned that, Credit Suisse Group AG’s steep decline has sent alarm bells ringing amid rumors that the No. 2 Swiss bank and one of the largest global investment banks are on the verge of collapse.
Ulrich Koerner, the bank’s CEO, tried to reassure staff over the weekend and recognized that the company was in a “critical moment” as it advanced its most recent overhaul plans.
According to The Financial Times, senior Credit Suisse executives spent the weekend dialing the phones trying to calm the nerves of its customers.
Credit Suisse’s market worth was $22.3 billion a year ago. Its market worth is currently only $10.4 billion, and the shares have decreased by 56.2%.
Many people associate Credit Suisse’s market instability with the Lehman catastrophe, which precipitated a global meltdown in 2008. According to reports, a poor conclusion could result in a shock like the one brought on by the collapse of the American bank Lehman Brothers in September 2008.
The CEO of the bank is anticipated to submit a strategic plan on October 27 in what is being viewed as the bank’s “D-Day” in order to prevent going bankrupt.
Nevertheless, the crypto industry has been too severely impacted by the market collapse and the lackluster price movement.
Tron Founder Aims To Onboard 100M Consumers
While at the Binance Blockchain Week conference, Sun discussed the TradFi market and stated, “We want our 100 million consumers to know that we genuinely take their money and their data seriously.”
Dismissing fears that Tron’s stablecoin would experience a collapse similar to the UST. He referenced USDD’s slower development strategy as the asset’s relative security.
And unlike Terra, Tron blockchain founder asserted that he can also provide a safety net for USDD, maintaining the peg with his own money if necessary.
Sun further stated that although the company’s market capitalization is barely $700 million, its daily trading volume is currently $100 million or more. According to volume and adoption, “in the future, we will steadily raise the market cap of USDD.”