The CEO of USD Coin (USDC) issuer Circle says that the concept of crypto offering more transparency than traditional finance still holds amid the current fiasco in the industry.

In a new interview on Yahoo Finance Live, Jeremy Allaire says that the blockchain-based decentralized system that came out of the 2008 financial crisis continues to carry on its use cases.

The problem is that centralized entities now dominate the crypto space.

“The irony here is that some of the biggest financial institutions that have been built up in the crypto space are very centralized and opaque. Most of them operate offshore without any real regulatory supervision and frankly, most of them focused on creating platforms for speculators and creating platforms that are fundamentally focused on people who are speculating on digital tokens, so that is certainly not what the promise of this technology represents.”