Tether Co-Founder on Who Really Wins the Crypto War

Summary

William Quigley, co-founder of Tether, explains why Tether left the EU under MiCA, the implications for stablecoin markets, and the evolving regulatory landscape. He argues that stablecoins are the real blockchain prize, that big banks will dominate issuance, but private issuers retain a role. He is bullish on real world asset tokenization and highly skeptical of AI companies as public businesses.

• Tether exited the EU because MiCA reserve requirements hurt its economics, but the decision is reversible.
• Circle's USDC and EURC now dominate European stablecoin trading, though euro demand remains weak.
• The Clarity Act could unlock massive stablecoin issuance by big tech and bank consortia, benefiting Amazon, Apple, and others.
• Mark Zuckerberg's abandonment of Libra was a huge strategic blunder; a stablecoin could have transformed Meta.
• Real world asset tokenization is the most compelling investment area due to inefficient asset trading.
• AI hyperscaler stocks face heavy capex and lack a clear business model, making them unattractive as public businesses.
• Permissionless blockchains will persist for DeFi innovation, while concentrated trading grows on regulated exchanges.