The CTO [Chief Technology Officer] of Bitfinex and Tether, Paolo Ardoino, says recent pushes for govts to adopt regulatory paths towards CBDC [Central Bank Digital Currencies] won’t adversely affect stablecoins like Tether.
“Within the mere future, we believe that Tether will still exist alongside CBDCs,” the Tether CTO added, citing the token’s performance on several different blockchains including Algorand, Ethereum, EOS, Liquid Network, Omni & Tron. “Tether will remain in demand as it continues serving and unifying a spread of ecosystems.”
Government Planing To Include Consideration Of CBDC
As reported earlier on 15th July that the Japanese government was planing to include consideration of a CBDC in its official economic plan, shortly after the Bank of Japan announced it might start experimenting with a digital yen. Across the globe, Bank of England governor Andrew Bailey said the institution was also considering the issuance of a digital pound.
Ardoino said it had been unlikely for CBDCs in any country to exchange Tether [USDT] as the token has dwarfed rival stablecoins like USD Coin [USDC] and Binance USD [BUSD] in terms of market capitalisation, trading volume, and number of users.
Some digital yuan experts agree. As reported earlier, Charles Yang of Genesis Block said China couldn’t easily stop the circulation of USDT, despite any threat it’s going to pose to capital controls and oversight. Several milion of dollars in Tether are traded each day within the Asian nation.
USDT Featuring A Great Market Ahead
Following Tether overtaking Ripple [XRP] to become the 3rd-largest token by market capitalisation in May, a recent Bloomberg report predicted that USDT could eventually pass Ethereum [ETH] to fill the number two slot. Consistent with cryptocurrency analytics firm Messari, USDT currently features a market capitalisation of roughly around $10.3 Bln.