In an interview with Fortune, financial analyst and the founder of Compound, a San Francisco-based company which aims on creating interest rate markets for cryptos, Robert Leshner, said soon there may be over 50 stablecoins.
“The advantage of tokenization is it brings transparency and programmability to currency. When dollars are open to blockchain there’s so much more innovation that can occur.”
Leshner also doubted that the U.S. FED would issue its own stablecoin anytime soon.
However, the head of Compound admitted that crypto market is “finally starting to enter an environment of rising interest rates which crypto has never seen before and it’s going to be potentially challenging to the price of a lot of crypto assets just like it will be for a lot assets in general, including equities.”
Earlier, former U.S. Federal Reserve Chair Janet Yellen told Kitco News in an interview that cryptocurrencies like bitcoin “are not considered legitimate currency, owing to their lack of ability to store value, and limited scope in everyday transactions.”