Tether Co-founder Foresees Tokenization of Fiat Currencies in Next Decade
Summary:
Tether co-founder William Quigley praises the potential of tokenized fiat currencies, describing it as an innovation that surpasses the invention of fiat money. During a fireside chat at the FT Crypto and Digital Assets Summit, he speculated that global economies are likely to move toward tokenized money in the next 10 years. Quigley also shared insights into his own journey into cryptocurrency and the founding of Tether, the largest stablecoin by market cap presently.
Tether executive William Quigley has lauded the potential of tokenizing traditional currencies such as the U.S. dollar, describing it as the biggest innovation since fiat money itself. As a co-founder of the dominant stablecoin outfit Tether and decentralised exchange WAX, he predicts that the global financial systems will likely shift to tokenized money over the next decade. Speaking at the FT Crypto and Digital Assets Summit on May 9, Quigley expressed great admiration for tokenization's potential.
He noted that transforming fiat into a tokenized form enhances it, with absolutely no drawbacks as he posited that tokenized fiat or even stablecoins like Tether could potentially accrue interest or yield, enhancing their value for the holder. He presented his own puzzlement at regular checking accounts not garnering any interest for the holders as the basis for this proposition.
Quigley also highlighted the massive amount, running into "trillions", parked in U.S. bank accounts which do not bear any interest. However, he recognizes the value these people place on banking services which they essentially pay for by forgoing any form of interest.
In addition to discussing the future of currency and finance, Quigley shared insights from his own journey into cryptocurrency and how he co-founded Tether, the largest stablecoin by market cap and currently the most traded crypto asset.
Interestingly, his foray into crypto was inspired by his passion for gaming, with the concept of trading in-game items sparking ideas for digital escrow services. Recounting some of the challenges in pioneering these concepts, Quigley highlighted the difficulty of transacting with fiat on the internet, a statement made by a man who was among the first institutional investors in PayPal.
Published At
5/9/2024 4:12:23 PM
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