Crypto Figures Weigh In on CBDC & Stablecoins, Endorses Competition
2022.04.06 20:17
Crypto Figures Weigh In on CBDC & Stablecoins, Endorses Competition
- Crypto veterans weighed in on CBDC and stablecoins, such as TUSD, calling for competition in the financial markets in an episode of The Future is Now.
- The key takeaways sparked discussion on having a solution that offers blockchain benefits while curbing the effects of volatility.
- TUSD has become one of the most popular stablecoins in the market.
Tron Founder H.E Justin Sun and El Salvador statesman William Soriano weighed in on Central Bank Digital Currency (CBDC) and stablecoins, calling for healthy competition in the financial markets, in their appearance in the crypto-focused episode of The Future is Now.
Sun, also Grenada’s Ambassador and Permanent Representative to the World Trade Organization (WTO), believes there will be “three kinds of nations.”
“One kind of nation will still use traditional fiat, but some countries will start to evolve into CBDCs, doing central bank digital currencies. But we will also see some countries like El Salvador and Caribbean countries in the future that might adopt Bitcoin or [other] cryptocurrencies as their legal tender or financial settlement infrastructure,” explained Sun when asked about his view on CBDCs.
He also shared he has faith in a financial market that embraces all types of currencies and competition. Sun also believes that CBDCs can be listed on blockchains in a way that stablecoins are listed. The USDT, USDC, and TUSD are three of the most popular stablecoins in the market.
Sun suggested that listing CBDC on a blockchain will “undoubtedly” bring growth to the crypto industry.
Talking about the traditional financial system, Sun pointed out that many disadvantaged people have yet to gain access to the service. Sun believes that the people of the world will benefit from lifting the limitations on financial infrastructure.
Notably, blockchains, such as Tron, are being advocated as it provides financial inclusivity, with different platforms addressing user needs.
Salvadoran Congressman William Soriano shares this same sentiment, as revealed in the “Aligning the Future” episode. He revealed that more Salvadorans own digital wallets than those who have bank accounts.
While acknowledging the value stability problems of Bitcoin, Soriano nevertheless shared how blockchain and Bitcoin are helping more Salvadorans financially.
The episode opened discourse on solutions that provide the benefits of the blockchain while having price stability. The True United States Dollar (TUSD), like other stablecoins, offers financial inclusivity and a solution for price volatility.
But unlike USDT and USDC, TUSD is the only stablecoin attested live on-chain and audited in real-time by top accounting firm Armanino. TUSD also prioritizes industry-leading security and transparency.
The stablecoin is currently supported in the BNB Chain, Fantom, Polygon, and Cronos. At press time, TUSD has surged past 1.4 billion, ranking 4th among other stablecoins.
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