The New York-based investment company WisdomTree has made the announcement that it’s going to issue a stablecoin before its competition does.
It seems Securities and Exchange Commission (SEC) actions have already been taken by the giant in this direction. The digital token it wants to launch is supposed to be a stablecoin that’s anchored to a variety of assets like public debt, fiat currencies and gold, even if this hasn’t been yet declared to the SEC. WisdomTree’s CEO and founder, Jonathan Steinberg, has been the only one to comment on the matter until now, by saying:
“You want to be early. We came to ETFs 13 years after State Street. This gives us an opportunity to be ahead of the State Streets, Fidelitys, on regulated stablecoins”.
Steinberg: Being Ahead of Competition in the Crypto World is Very Important
Steinberg also mentioned how important it is to be ahead of competition when it comes to digital currencies. In December 2019, WisdomTree launched its Bitcoin (BTC), based exchange traded product (ETP) that gives investors access to BTC without having to hold it. The product was listed on Six Swiss Exchange, the Zurich Stock Exchange that’s a leader in the world of cryptocurrency ETP-based exchanges.
WisdomTree Financed the Securrency Inc. Project
WisdomTree was last week in the center of attention for being a participant at the Securrency Inc. funding project. Securrency Inc. is also a leader, but when it comes to developing financial blockchain-based technology and regulations at an institutional level. Its project raised not less than $17.65 million.
As far as launching an ETF stablecoin goes, WisdomTree is going to offer access on the blockchain to traditional assets like property and gold. The rivals it’s planning to beat are Fidelity Investments and BlackRock, and it looks like it has already taken the necessary steps to do just that.