William Quigley, the co-founder of stablecoin giant Tether and decentralized exchange WAX, believes that the tokenization of fiat currencies is a groundbreaking innovation.
William Quigley, the co-founder of stablecoin giant Tether and decentralized exchange WAX, believes that the tokenization of fiat currencies is a groundbreaking innovation that will revolutionize global finance in the years to come. Speaking at the FT Crypto and Digital Assets Summit, Quigley expressed his optimism about the future transition to tokenized money on a global scale.
Quigley questioned why traditional checking accounts do not pay interest, pointing out that people are increasingly content with the tokenization of their dollars despite the absence of interest. He emphasized that there are trillions of dollars sitting in U.S. bank accounts that yield no interest, indicating that individuals prioritize the convenience and services provided by traditional banking.
Quigley described tokenization technology as a near-perfect innovation without any drawbacks, asserting that it enhances fiat currencies rather than replacing them. He highlighted the potential of tokenized fiat and stablecoins like Tether's USDT to offer interest-earning opportunities or yield on the digital assets held.
The Tether co-founder and his partner developed a digital escrow service that allowed users to purchase these items with cash. However, at that time, there were limited options for using fiat currencies on the internet.
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