Hacker Noon Podcast Talks to Danny An, CEO of TrustToken
Hacker Noon Podcast brings on Danny An, CEO of TrustToken, to discuss the future of their stablecoin TrueUSD, tokenized securities, and the cryptocurrency market at large.
One of the main benefits cryptocurrencies bring to modern fintech is the ability to have near-instant liquidity. This is why Danny An, CEO of TrustToken, has formed a project with the intention of not only tokenizing the dollar, but making cryptocurrencies ultra-accessible to fiat.
He came on the Hacker Noon podcast to discuss the future of his stablecoin, security tokens, and why compliance is their top priority.
The Velocity of Money
One of the main issues nowadays is that the movement of money has not followed the pace of information. Whereas information moves near instantaneously with the help of the internet, money still sometimes takes a few days to move around.
On this basis, Danny An always starts the argument for tokenization with this simple concern everyone is familiar with: why does it take up to three days to move money from one bank account to another?
Money should be moving as fast as information in this day and age. As An argues, tokenization allows us to move money in a trustless system like never before. It is undoubtedly the next evolution of financial technology.
However, tokenization has benefits beyond just making transactions and bank transfers faster. Stablecoins, for example, can also act as a valuable counterbalance to runaway inflation. An cites Venezuela, a country that has been particularly hard by hyperinflation in the past few years, as evidence that cryptocurrencies may prove to be integral to someday preventing future economies from suffering this same fate.
Stablecoins Will Be “Crucial”
In order for stablecoins to be useful, An says, is there must be trust with regulators which makes the coin stable in value. It is on this basis that TrustToken created True USD. As An explains:
“True USD is meant to be as regulatory compliant as possible. We recently published a stable coin code of ethics, where we said, ‘hey, here is some of the things we learned about creating a stable coin, and some of the past lessons we learned historically.’”
Compliance, of course, is a necessary component of trust-building necessary for the security token space to thrive.
An makes a further compelling case for stablecoins and the necessity of tokenized securities in the full podcast which is worth checking out.
What do you think of An’s comments? Do you believe stablecoins will be a pillar of the economies of the future? Let us know your thoughts in the comments down below.
Image courtesy of Hacker Noon.