Crypto Veterans Shed Light On CBDC And Stablecoins Including TUSD, Endorsing Competition In Money Market
Although stablecoins such as USDT and USDC might enjoy higher popularity at the moment, TUSD is arguably the best-performing and most reliable
The renowned documentary series "The Future is Now" has recently shifted its focus to the blockchain industry. The team produced its first-ever crypto-related documentary titled "Aligning the Future," shedding light on the development of Bitcoin and other digital currencies across the globe.
The show stars H.E. Justin Sun, TRON founder and the Ambassador and Permanent Representative of Grenada to the WTO, congressman William Soriano from El Salvador, and many other respected crypto leaders, who shared their insights on the future of crypto.
H.E. Justin Sun, TRON founder and the Ambassador and Permanent Representative of Grenada to the WTO
"Eventually we will have 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 cryptocurrency as their legal tender or financial settlement infrastructure." said H.E. Justin Sun when asked about his view of CBDCs (central bank digital currencies) across the globe.
He also added that as a believer in Hayek's theory, he has faith in a currency market that is open to entire competition and embraces all types of currencies. Meanwhile, as a veteran in digital currency, Sun believes that CBDCs can be listed on blockchains, including Ethereum and TRON, in the way that stablecoins such as USDT, TUSD, and USDC are listed, which will undoubtedly bring the growth of the crypto industry to the next level. He also pointed out that many underprivileged people are still denied access to traditional financial services. The elimination of the threshold to financial infrastructure will benefit the whole world's population. Blockchains, including TRON, have already provided a relatively affordable and accessible gateway to financial services and are capable of bringing more convenience to users.
Another leader who holds the same view as Sun is William Soriano, congressman of El Salvador, who quoted local facts to prove his point. El Salvador is the first country that announced plans to adopt Bitcoin as legal tender, a seemingly unconventional move backed by ample reasons.
William Soriano, Congressman of El Salvador
As a prominent advocate for Bitcoin and blockchain, Soriano said only 30% of all Salvadorians, or roughly 1.2 million people, have access to a bank account. In contrast, 3.8 million of them now have access to a digital wallet, i.e., 80% of the population has already been financially included, a feat on its own.
Salvadorians using digital currencies can save on wire transfer fees typically required by traditional banking systems for international money transfers. This is due to the unique operation mechanism of digital currencies, where blockchain technology is being utilized for clearing and settlement. As it stands, blockchain technology and cryptocurrencies are helping more and more Salvadorians access financial resources and are surely gaining nationwide recognition. However, value stability is still a problem that Bitcoin faces due to its volatile prices.
In light of this, recent attention has been focused on such solutions that both enjoy the benefits of blockchain technology while withstanding price volatility. Stablecoins, as previously mentioned by H.E. Justin Sun, are digital currencies deployed on the blockchain and pegged to the U.S. dollar, lowering the entry barrier to financial inclusion while offering a solution to volatility.
Although stablecoins such as USDT and USDC might enjoy higher popularity at the moment, TUSD is arguably the best-performing and most reliable. Furthermore, as the only stablecoin attested live on-chain and audited in real-time by the renowned Armanino, TUSD prioritizes industry-leading security and transparency.
In March 2021, TUSD became the first native U.S. dollar-pegged stablecoin on Avalanche. One month later, it went live on TRON, becoming the second U.S. dollar-pegged stablecoin natively launched on TRON following the stablecoin frontrunner USDT.
In addition, TUSD has been an early mover in multi-chain deployment, now supported by a succession of blockchains that include BNB Chain, Fantom, Polygon, and Cronos, receiving industry-wide endorsement. Currently, the total supply of TUSD has surged past 1.4 billion, ranking fourth among its peers.
Note: Investment in cryptocurrency is subject to risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.