Gemini cryptomoney pioneer and CEO Tyler Winklevoss predicted that competition between stablecoins will really start once Wall Street moves to decentralized finance, or DeFi, during a recent interview with Camila Russo of The Defiant.
However, despite his optimistic outlook for DeFi, Gemini’s co-founder stated that the crypto industry does not currently offer a definitive application that is driving adoption from outside the virtual currency community.
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The competition between stable currencies has not even begun
In an interview with The Defiant, Tyler Winklevoss predicted that the real race between stablecoins will not take shape until Wall Street takes an interest in the DeFi space:
„When Wall Street wants to start investing in decentralized finance, they’ll need a currency. When a decentralized Real Estate Investment Trust pays a dividend or a share, will it pay it to investors in Ether? Probably not because of the volatility, but in a stablecoin.“
However, Tyler offered a damning assessment of many existing stablecoin projects, stating:
„Many of these stablecoins, just put their own Bitcoin Era Review, Bitcoin Circuit Reviews Uk, Bitcoin Revolution Scam, Bitcoin Trader Scam Or Not, Is The News Spy Legit, Bitcoin Evolution Scam Or Not, Bitcoin Profit Uk, Is Immediate Edge Safe, Bitcoin Code Scam, Bitcoin Billionaire Uk to increase the assets under management to give this perception that it is bigger than it is. I think it’s kind of crap. People see through it.“
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Tyler Winklevoss also emphasized the value proposition offered by cryptoactives through the provision of interest yields from staking or DeFi protocols amid the downturn in the global economy, he said:
„Super important in this environment with zero interest rates, maybe negative interest rates, potentially hyperinflation, [is] the ability to make profit anywhere from 5%, 6%, whether it’s staking or you know, a DeFi money market,“ he said.
Tyler revealed that Gemini plans to provide greater support to the cryptoactives „that are driving the DeFi revolution,“ saying the company will seek to offer both trading and custody services.
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Despite his enthusiasm for the future, Gemini’s CEO does not believe that the crypto ecosystem will yet produce a definitive application capable of driving mass adoption on a significant scale.