As we approach the end of the year, Bitcoin has recently slipped closer to the $90,000 mark, showcasing a drop of about 2%, trading just shy of $92,000. Ethereum has also faced a decrease, with a loss of half a percent, sitting at approximately $3,333, while XP has plunged by 6.5% to $21. In the corporate sector, MicroStrategy's shares have fallen 6% after the company revealed another round of Bitcoin acquisitions totaling $29 million.
In a significant development, the former CEO of Terraform Labs, Do Kwon, is set to be extradited to the United States. The Montenegro Ministry of Justice recently approved the extradition, despite Kwon also facing charges in South Korea, where Terraform Labs was founded. He is primarily charged in relation to the collapse of the algorithmic stablecoin Terra USD, events that many attribute to triggering the 2022 crypto winter.
Interview with William Quigley on Stablecoin Growth
In today's segment of CBC's Crypto World, McKenzie Seallow interviewed William Quigley, co-founder of Wax and Tether. The discussion focused on the evolution of the stablecoin market and its potential growth in 2024 in light of new U.S. regulations expected in 2025. Quigley reflected on how stablecoins have played a vital role in crypto trading, facilitating as much as 60-70% of all cryptocurrency trading pairs. Despite their significant contribution, Quigley noted that the adoption of stablecoins for everyday consumer use—such as online shopping and peer-to-peer transactions—has been lackluster.
When questioned about institutional engagement with stablecoins, Quigley expressed that many non-crypto-focused companies still lack a comprehensive understanding of blockchain technology. He highlighted that while there has been an increased interest in crypto trading spurred by the approval of Bitcoin and Ethereum ETFs, there remains little exploration of stablecoins' utility beyond trading.
Quigley suggested that the potential cost savings provided by stablecoins, particularly for cross-border transactions, could fundamentally disrupt the existing global payment infrastructure. He mentioned that traditional financial institutions could be resistant to stablecoin adoption as it threatens their profit centers tied to currency conversion and transaction fees.
Quigley is optimistic about the future of stablecoins, predicting that within the next decade, major global economies will adopt tokenized forms of their fiat currencies. He believes this will greatly enhance payment efficiencies, allowing for significant reductions in transaction costs. He emphasized that current regulatory discussions are crucial, and legislation around stablecoins should address the coexistence of privately issued and sovereign stablecoins.
There is a call for a clearer understanding among lawmakers regarding stablecoins' revolutionary potential in reducing friction in cross-border payments. Quigley underscored the immense annual savings in conversion costs that could be achieved if stablecoins gain broader acceptance and functionality across different industries.
In summary, the current landscape of the crypto market reveals volatility for major cryptocurrencies like Bitcoin and Ethereum, alongside pivotal developments such as D. Kwon's extradition. The interview with William Quigley highlights the critical role that stablecoins are playing in the current trading environment and their vast potential to reshape global payment systems in the future. With anticipated regulatory advancements on the horizon, the stage is set for a deeper integration of stablecoins into both institutional frameworks and everyday commerce.
Part 1/6:
Bitcoin Approaches $90,000 Amid Market Declines
As we approach the end of the year, Bitcoin has recently slipped closer to the $90,000 mark, showcasing a drop of about 2%, trading just shy of $92,000. Ethereum has also faced a decrease, with a loss of half a percent, sitting at approximately $3,333, while XP has plunged by 6.5% to $21. In the corporate sector, MicroStrategy's shares have fallen 6% after the company revealed another round of Bitcoin acquisitions totaling $29 million.
D. Kwon's Extradition to the U.S.
Part 2/6:
In a significant development, the former CEO of Terraform Labs, Do Kwon, is set to be extradited to the United States. The Montenegro Ministry of Justice recently approved the extradition, despite Kwon also facing charges in South Korea, where Terraform Labs was founded. He is primarily charged in relation to the collapse of the algorithmic stablecoin Terra USD, events that many attribute to triggering the 2022 crypto winter.
Interview with William Quigley on Stablecoin Growth
Part 3/6:
In today's segment of CBC's Crypto World, McKenzie Seallow interviewed William Quigley, co-founder of Wax and Tether. The discussion focused on the evolution of the stablecoin market and its potential growth in 2024 in light of new U.S. regulations expected in 2025. Quigley reflected on how stablecoins have played a vital role in crypto trading, facilitating as much as 60-70% of all cryptocurrency trading pairs. Despite their significant contribution, Quigley noted that the adoption of stablecoins for everyday consumer use—such as online shopping and peer-to-peer transactions—has been lackluster.
Institutional Use of Stablecoins
Part 4/6:
When questioned about institutional engagement with stablecoins, Quigley expressed that many non-crypto-focused companies still lack a comprehensive understanding of blockchain technology. He highlighted that while there has been an increased interest in crypto trading spurred by the approval of Bitcoin and Ethereum ETFs, there remains little exploration of stablecoins' utility beyond trading.
Quigley suggested that the potential cost savings provided by stablecoins, particularly for cross-border transactions, could fundamentally disrupt the existing global payment infrastructure. He mentioned that traditional financial institutions could be resistant to stablecoin adoption as it threatens their profit centers tied to currency conversion and transaction fees.
The Future of Stablecoins
Part 5/6:
Quigley is optimistic about the future of stablecoins, predicting that within the next decade, major global economies will adopt tokenized forms of their fiat currencies. He believes this will greatly enhance payment efficiencies, allowing for significant reductions in transaction costs. He emphasized that current regulatory discussions are crucial, and legislation around stablecoins should address the coexistence of privately issued and sovereign stablecoins.
There is a call for a clearer understanding among lawmakers regarding stablecoins' revolutionary potential in reducing friction in cross-border payments. Quigley underscored the immense annual savings in conversion costs that could be achieved if stablecoins gain broader acceptance and functionality across different industries.
Part 6/6:
Conclusion
In summary, the current landscape of the crypto market reveals volatility for major cryptocurrencies like Bitcoin and Ethereum, alongside pivotal developments such as D. Kwon's extradition. The interview with William Quigley highlights the critical role that stablecoins are playing in the current trading environment and their vast potential to reshape global payment systems in the future. With anticipated regulatory advancements on the horizon, the stage is set for a deeper integration of stablecoins into both institutional frameworks and everyday commerce.
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