“Howard Lutnick, head of Cantor Fitzgerald, expressed his approval for cryptocurrency stablecoins and the process of converting financial assets into digital tokens.”
“The dominance of the US dollar is crucial for America, including ourselves economically, according to Lutnick at the Chainalysis meeting in New York. He voiced his approval for robustly backed stablecoins such as Tether and Circle.”
Tether Holdings, the leading company that produces stablecoins, has had its claims about their backing investigated intensively. Custodian services for Tether Holdings are provided by Cantor Fitzgerald.
According to Lutnick, stablecoins bring benefits to the American economy by increasing the appeal of U.S. Treasury bonds and introducing minimal risk to the financial system.
Instead of just talking about the benefits of blockchain tech in finance, Lutnick specifically foresees a significant move toward converting tangible assets like bonds into digital tokens, thanks to the ongoing progress in blockchain development.
In his opinion, once blockchains become swift and affordable, they will be widely accessible. Consequently, within the next decade, we can expect to witness the fundamental shift towards tokenizing financial assets.
Tokenization’s growing popularity is consistent with wider market tendencies. Notable finance giants such as BlackRock, Brevan Howard, and KKR are actively investigating this technology to manage investment funds.
The estimate from Citigroup suggesting a potential size of $5 trillion for the tokenization market by the year 2030 highlights its immense growth potential.
Instead, Lutnick expressed apprehensions regarding central bank digital currencies (CBDCs). He was worried that they could be seen as means for other countries, particularly China, to monitor transactions, potentially viewing CBDCs as a form of American surveillance through “spy wallets.”
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2024-04-10 20:18