I’m still a bit exhausted from the whirlwind that was Stablecoins: Collaboration Towards Mass Adoption. It was a pretty hectic schedule for the Xank Team but we’re pleased to attend the first ever conference on stablecoins. When can you say that you went to the first-ever conference on a topic? And so here’s my 5 top takeaways from the event.
- Regulation is already happening. Are we going to be proactive or reactive? There was a general consensus towards forming a Self-regulating Organization (SRO) and greater protections for the stablecoin user. A valuable risk disclosure could be a standardized prospectus issued by an existing regulatory body. This could generate uniformity among different jurisdictions and reduce compliance costs and ease of use for the end user.
- Tether really doesn’t want to show up. Given that Tether is rapidly losing market share and having problems maintaining their peg, you would think that they would welcome any opportunity to tell their side of the story. They declined to attend the conference and failed to show up to two scheduled interviews.
- Market makers and exchanges are more interesting than I thought. This was a surprising delight for me. I can read perspectives from traders, stablecoin issuers, VCs, etc. but I rarely read anything personal from an exchange and market makers. Hearing their side of story helped me understand their vital importance to the crypto ecosystem. As a side note, Mitchell Dong’s observation was that Tether traded as low as $.88 on the dollar.
- 4 years in crypto is equivalent to 40 years in other industries. I met and had dinner with Bjorn Alsos, Operations Manager at BitBay. BitBay was founded in 2014 and is one of the oldest existing stablecoins. I love the idealism and community organization of Bitbay. Although they are a small stablecoin in terms of market cap, they helped pave the way for the rest of us and deserve a shout out.
- Use case, use case, use case. This was the message that I kept hearing from the investor panel. And that was extremely helpful for me. I, like many other founders, instantly talk about our product rather than what problem it solves. Because Xank has use cases that other stablecoins do not have, we need to focus our marketing in that area.
There was much more that occurred but with 2 hours of sleep (I’m still jetlagged), we will leave this subject as is for now. Please enjoy the pics below!