Tether’s co-founder Reeve Collins forecasts that within five years, all currencies—including traditional fiat—will be available on blockchain platforms.

“All currency will be a stablecoin. So even fiat currency will be a stablecoin. It’ll just be called dollars, euros, or yen.”
(Translation: Every form of currency will be on the blockchain, including conventional money.)

Collins elaborated that stablecoins are set to become predominant in money transfers as the financial world begins shifting to digital assets. This trend is propelled by an improved regulatory attitude from the U.S. government towards the crypto market

“The best thing that ever happened to the crypto market was the positive shift in stance by the U.S. government this year.”
(Translation: A more favorable regulatory approach has opened doors for more established financial institutions to explore crypto.)

He mentioned that this regulatory change has prompted a multitude of traditional finance firms to seek entry into the crypto landscape, making the creation of stablecoins a focal point.

“Every large institution, every bank, everyone wants to create their own stablecoin, because it’s lucrative and it’s just a better way to transact.”
(Translation: Major banks see stablecoins as profitable and efficient.)

Despite the promising outlook, Collins warned of challenges, such as blockchain security risks and the complexity of fully embracing decentralized finance.