Stablecoin Competition Will Heat up Once Wall Street Embraces DeFi, Tyler Winkle

[Paglamon]

Stablecoin Competition Will Heat up Once Wall Street Embraces DeFi, Tyler Winklevoss Says

Gemini co-founder and early cryptocurrency adopter Tyler Winklevoss has, in an interview with The Defiant, predicted competition between stablecoins will heat up as soon as Wall Street moves into the decentralized finance (DeFi) space. He said:

“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.”
In the interview, the Winklevoss twin noted that the cryptocurrency space isn’t currently offering a killer app driving adoption outside of the community, but noted interest yields in the space are now “super important” given the wider zero interest rate environment.

Tyler also criticized existing stablecoin projects, saying these “put their own cash deposits to goose up the assets under management to give this perception that it's bigger than it is.”