Crypto Veterans Shed Light on CBDC and Stablecoins Including TUSD, Endorsing Competition in Money Market
12 April 2022 - 7:20PM
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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. Stats about TRON’s stablecoin infrastructures
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.
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