Presently,the Ledger WalletsupportsTether [USDT] for its2hand-heldstoragemerchandise, the Ledger Nano and Ledger Blue,howeverit intendsto featurethe U.S. dollar-linked cryptocurrency to its institutional vault service.
Despite Tether [USDT]’s recent loss of parity with theUSDamidrevivedquestions onits issuer’s reserves, Benjamin Soong, Ledger’s new head of operations for the Asia-Pacific region.
“Onethingthat’sslightlydistinctivein China andSouth Koreais thedemand for USDT,”aforementionedSoong,an alumnusof S&PglobalMarket Intelligence and Deloitte, whose hiring Ledgerdeclaredrecently. “Sinceeachof thesecountries have capital controls, in terms of your abilityto maneuver currency out of the country.”
According to Soong –whoislaunchingthe Paris-based Ledger’sprimarilyAsiaofficeinHong Kong– Chinese and South Korean investorsaretypicallymore well-offwith fiat-pegged currencies or assets thatmirrorancientcapital markets.
Evenonceitbustthe buckin the past, demand for USDT continues to dominatetradingpairs on Asian exchanges like Huobi Exchange,whereCoinMarketCap showsthe trading volumeis nearly up by26%in a very single 24-hour-period last week.
Adding further Soong aformentioned:
“Tether [USDT] is a vehiclethat’squitedistinctivewithin themarket out here, that I’ve seenuntil so far.”
EvenbeyondTether [USDT], Ledger (whichconjointlysupports MakerDAO’s dollar-linked dai token) will alsoaddalternativestablecoinsas itpursuesa significantgrowthof its custody business, with the goal of supportingovera hundredtotally differenttokens bythe tipof next year.
Explaining further Ledger President Pascal Gauthier said:
“We havean enormousroad ofintegratingseveralthingswithout delay,along withstablecoins.”
As a capital markets veteranwhospeaks Mandarin, Cantonese, and Japanese, Soong wasthe perfect candidateto makeout a 12-person team inHong Kongandappraisethe potential of satellite offices in places like Japan and Singapore, Gauthieraforementioned:
“Youought tohirenativetalent,individuals thatperceivethenativeculture.”
Roughly30%of Ledger’s hardware sales alreadycome backfrom Asian markets, despite a previous lack of presence onthe bottom.
“This isassetclasscategorywherethe retail hasactually led theway, following by the institutional playerscoming backin.” However, Soong added:
“We’reundoubtedlyseeingtonsoftraditionalassetmanagers and banksbeginto explorehowthey’re about toenter and support thisassetcategorymoving forward.”
YetwhenitinvolvesBitcoin [BTC], Soongaforementionedtraditional assetmanagers across APAC stilllike better to move their funds into cryptowhencustody solutionsoffersidenticalsecurity and trust level as banks. Hence, Ledger hasaninstitutional custody partnershipproductionwiththe Japanesebank Nomura.
“They [wealth managers] would ultimatelylike better towork withtraditionalfinancialestablishments,thatis why partnering with Nomura makestonsof sense,” Soongaforementioned.
Corporations, currency exchanges, and banks inHong Konghave already started reachingout toinquireconcerning crypto custody solutions, Soong said. “Hedge fund managers,individuals thatwere in investment banking,areallgetting intothisareato assistbuild up the infrastructure for this newqualitycategory,” he said.