William Quigley

The only trading pairs that matter are any token vis-a-vis USDT.

Tether or some other stable coin that the trading pairs that are crypto to crypto are irrelevant to global trading.

Right.

And there's a very simple reason for that.

The only way to calculate a profit on a trade is if one side of the trading pair is stable.

If both sides are moving, how do you know at the end of the day if you made or lost money, right?

That was always the problem.

You know, you might say, well, I have more of one token than I did of the other.

So did I win?

Well, I don't know.

What's that relative to USD or whatever base currency you use, right?

So as soon as traders started trying to do arbitrage,

Once they started doing that, the only token you would want is a token that was based on your native currency.

And for most people, USD is a good baseline currency to measure everything else against.

And that's why trading volume in Tether, for instance, greatly exceeds the trading volume in Bitcoin itself.

Yeah, well, I'd have to make that brief because that's something that you could talk about for days.

It's a little clearer now than it was, say, three years ago.

Three years ago.

The question was, will non-sovereign issued stablecoins exist if central bank digital currencies are created?

Will the regulators of the world regulate away non-sovereign issued tokens or require special licenses or whatever?