Winklevoss Brothers : Stablecoin Can Buy More Than Cryptocurrency In Future

    2956

In November 2018, the winter of digital currency is still going on, and stablecoin has became one of the few bright spots in the bear market. 

The Gemini exchange founder Winklevoss twins, who issued GUSD, are famous billionaires thanks to their early investment on bitcoin. On early November, the twins arrived in Beijing and were interviewed by CoinTime.

Scrimmage

September 10, 2018, the New York State Department of Financial Services (NYDFS) approved the issuance of GUSD and PAX, which are the few stablecoins in the market that are compliant to the juristical regulatory. 

September 12, the Geimni exchange officially issued the Gemini dollar (GUSD).

According to the statistics, there are 57 stablecoins in the global market at present, among which 23 are in circulation and 34 are still on the testing stage. That is to say, there will be more competitors in future in the already crowded stablecoin circuit. However, PAX and GUSD, two compliant competitors have not showed their advantage yet. GUSD's performance was even more disappointing.

According to CoinMarketCap, GUSD’s 24 hours trading volume is $5.75 million, while PAX is $57.99 million. Recently, the TUSD is quite mighty with 24 hours trading volume reaching $22.32 million. Despite the recent undersell incident, USDT still ranks at the top among all the stablecoins in the world, with 24 hours trading volume reaching $3.1 billion. It is not hard to tell the disadvantaged situation of GUSD from the statistics.

However, the twins remain optimistic about the unpromising condition.

GUSD is now one of the few stablecoins in the world to accept regulation and disclose their support banks. The GUSD's pledged US dollar are currently in the custody of State Street Corporation and are checked every month, the twins said.

The brothers believe that the 225 years history of State Street Corporation can assure GUSD almost “unlimited capacity”. At the same time, most of other stablecoins are not transparent about their information."Most of the stablecoins in the world are currently unlicensed, unregulated, and do not disclose their supporting banks, so you don't know what their banking capabilities are, or in which country,” the twins said. They think  the lack of information transparency is an important issue for these stablecoins’ future development.

With over 50 stablecoins in the market, how many will left in the end of this scrimmage? Gemini twins think that there might be one thousand, or there might be one, just like there are more than one exchanges now. But they believe GUSD would be “ the leader and winner”. 

Future of stablecoins

Gemini twins are very optimistic about the future of stablecoins. They think that bitcoin is now the virtual commodity in U.S. financial markets, and there are also virtual security. If bitcoin brings gold into the blockchain, ICO brings security into blockchain, then a stablecoin brings US dollars to the chain. 

With few exchanges are allowed to exchange from fiat to cryptocurrency, stablecoins play in important role in promoting liquidity between digital currency exchanges and blockchain applications. But Winklevoss brothers believe that stablecoin can do much more than that.

According to Gemini, the current stablecoin is still in a very early stage. As a means of payment, the future stablecoin may not only be used to buy digital currency on the exchanges, but may be applied to daily life for shopping.

GUSD is currently listed on 30 to 40 exchanges worldwide, but the Gemini twins don’t want to just stop here.They will continue to explore Asian markets, and hope to link the U.S. and China market, they said.

Are they billionaires now ?

The Winklevoss twins had been famous in the United States before they setting foot in blockchain.

In 2010, a movie called The Social Network was on. It tells the story of how Mark Zuckerberg started Facebook. In the movie, the twins from Harvard sued Zuckerberg for stealing their idea of social media and starting Facebook based on it. 

The twins are Winklevoss brothers in real life, and they won in the trail, with Zuckerberg paying them $65 million and a portion of Facebook shares.

In 2012, the brothers spent $10 million to buy bitcoin and claimed that they had held 1% of the world's bitcoin. Over years, as the price of bitcoin has skyrocketed from a few dollars to several thousand dollars, the twins has gained large fortune. 

They started to build their own crypto world by starting Gemini in 2015.

In 2018, the bear market begins with bitcoin price falling near 50%. The Winklevoss brothers seemed not worry about the price in the interview. They said that they have been investing in many cryptocurrencies since 2012, which includes ETH, zCash etc. With righ variety of digital assets, what they are looking for is long-term development, according to the brothers.

    Adapted from: Author: Emily Executive editor: Emily Sun
Declaration:In this article, the original copy of COINTIME, which is copyrighted by COINTIME, shall not be reproduced without authorization, and the authorized media shall specify "News from COINTIME" when quote the article, and the offender will be held accountable according to law.
    News ranking
Not found
    Hot
Not found
Feed
back
TOP

Copyright © Cointime Copyright notice

https://t.me/cointimeus