Investor, early crypto adopter, and CEO of Gemini exchange, Tyler Winklevoss, predicted that competition between stablecoins will really begin once Wall Street moves into decentralized finance, or DeFi, during a recent interview with The Defiant’s Camila Russo.
However, despite his optimistic outlook for DeFi, the Gemini co-founder asserted that the crypto industry currently does not offer a killer app that is driving adoption from outside of the virtual currency community.
Inter-stablecoin competition hasn’t even began
In an interview with The Defiant, Tyler Winklevoss predicted that the real race between stablecoins will not take form until Wall Street takes an interest in DeFi:
“When Wall Street wants to start investing in decentralized finance, they’ll need a currency. When a decentralized [Real Estate Investment Trust] pays off a dividend or a stock, is it going to pay it to investors in Ether? Probably not because of the volatility, but in a stablecoin.”
However, Tyler offered a damning appraisal of many existing stablecoin projects, stating:
“A lot of these stablecoins, they just put their own cash deposits to goose up the assets under management to give this…
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Author: Samuel Haig