Today’s cryptonews show that there are new developments coming directly from the New York-based International investment and ETF giant WisdomTree Investments which now plans to launch a stablecoin and wants to do so ahead of the competition.
This is a busy period for WisdomTree as the news rolled out that they plan to issue their own regulated digital token. Reports from Financial News show that the company wants the Securities and Exchange Commission (SEC) to approve and regulate the new products.
However, it is still not clear whether any talks with the US financial watchdog have started – just like there is no additional information about the alleged upcoming stablecoin which has been provided.
Additionally, it looks like the ETF (exchange traded funds) and ETP (exchange traded product) sponsor wants to be among the first of the giants to offer this product. The ETF giant WisdomTree and the founder and CEO Jonathan Steinberg wa quoted as 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.”
State Street is one of the biggest competitors to the ETF giant – being a custodian bank that partnered with the crypto exchange Gemini on a digital assets-reporting project. On the other hand, the fund manager Fidelity Investments has also been active in the crypto space – rolling out its much-anticipated crypto custody solution in October last year.
Fidelity also created a tokenized rewards system for its employees with the security token expert Tokensoft in November. They also announced its set to expand into Europe with a new UK-based branch in December.
The director at the ETF giant WisdomTree, William Peck, recently said that via the stablecoin project, the company wants to enable access to traditional assets like gold or property over the blockchain. Steinberg was quoted as saying that by allowing for an easier trade in assets, the project could give the company “a Facebook-like role for financial institutions.”
Meanwhile, the Libra news show that Facebook has been trying to push through its Libra digital coin since its announcement last June, leading an ongoing battle with regulators which resulted in several backers backing out.
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