William Quigley

And I think with the passage of the Genius Act in the United States, I think what we're seeing is that privately issued stablecoins

are going to be here for a long time.

And central bank digital currencies may take longer than I thought they would.

They make a ton of sense, but there's been a lot of misinformation and poor communication by the various central banks of the world in communicating to their populations why digital currencies are useful.

And so as a result, the role of things like Tether and other stablecoins is much more stable today than it was a few years ago.

And while I do think there will be many, many companies that issue their own stablecoins in the United States, particularly financial institutions and any company with a large consumer base,

It's in fact shocking to me that Amazon and Facebook have not already issued their own stablecoins.

But I'm assuming it's because the W2s working at those companies just don't understand the value of these things.

And that may be why.

But we will have roughly three categories of stablecoins.

We'll have the stablecoins that are issued by private companies that may or may not obtain regulation in different countries.

You'll have central bank digital currencies eventually.

And then you will have stable coins that are minted on chain using smart contract mechanisms.

And those will also persist.

They'll never be very big, but they're very useful.

I say they'll never be very big because

The collateral that those on-chain minted stablecoins use is another crypto.

And for the most part, most people only trust Ethereum and Bitcoin as collateral for those stablecoins.

And there's a finite supply of those.

unlike the fiat-based systems in the world where there's infinite supply, as much as the nation wants to print.