William Quigley, co-founder of stablecoin giant Tether and decentralized exchange WAX, believes that the tokenization of fiat currencies is a groundbreaking innovation that will revolutionize global finance in the coming years. Speaking at the FT Crypto and Digital Assets Summit, Quigley expressed optimism about the transition to tokenized money on a global scale in the future. Quigley questioned why traditional checking accounts don't pay interest, noting that people are increasingly happy to have their dollars tokenized despite the lack of interest. He emphasized that there are trillions of dollars in non-interest-bearing U.S. bank accounts, indicating that individuals are prioritizing the convenience and services provided by traditional banking.Quigley described tokenization technology as a near-perfect innovation with no drawbacks, arguing that it strengthens fiat currencies rather than replacing them. He highlighted the potential for tokenized fiat and stablecoins, such as Tether's USDT, to offer interest-earning opportunities or yield on digital assets held.The Tether co-founder and partner developed a digital escrow service that allows users to purchase these items with cash. But at the time, options for using fiat currencies on the internet were limited.
