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In an interview with CNBC’s ‘Squawk on the Street’ on Jan. 19, Charles Cascarilla, co-founder and CEO of paxos, said there will be many changes in corporate appetite in 2022.
“The amount of interest and the amount of mainstream adoption that I see coming is tremendous,” he said before adding that changes in price do not equate to changes in fundamentals.
Curious what price fluctuations in #crypto mean for the long term? As Paxos CEO Charles Cascarilla said to @CNBC @SquawkStreet this AM, volatility does not mean “fundamentals have changed.” Catch the segment here https://t.co/gYw5RniBCO
— Paxos (@PaxosGlobal) January 19, 2022
Bitcoin is an instrument of speculation.
When asked whether this year will see more crypto assets such as Bitcoin or Dogecoin being used as payments, he was not so optimistic. He said that people want money and they want to make dollar payments.
Cascarilla continues to assert that "silver is a commodity, and it just hasn't evolved fast enough with how our lives have changed," adding that this narrative is why the use of stablecoin has surged. The total market capitalization for stabilizers is approximately $173 billion, an increase of more than 400% in the past year.
He said crypto assets are primarily speculators and are unlikely to be used as payments:
"Do people want to use Bitcoin and Dogecoin to purchase stuff? I'm not sure, I think a lot of what it's about is owning an asset that's going to go up... it's not really money today, money is money."
Cascarilla believes that 2022 will be the year in which dollar values will be regulated and used to purchase everyday goods and services, adding that it is "possibly improbable" that btc will be used in the same way.
However, it goes without saying that the boss of a housing company would be more optimistic about his own product than a decentralized rival payment option.
Prospects of the Stablecoin ecosystem.
Paxos is a stable fish, ranked ninth with only 1 billion traffic, giving it a stable market share of 0.6%.
It remains the industry leader with a dominance of about 45%, although it dropped sharply from 75% in the same period last year. Most of these losses have been to compete circle as USDC supply has grown by 800% over the past 12 months to reach 45 billion or 26% market share.
The third stablecoin by market capitalization is the BINANCE usd (busd), which has a circulation of 14.2 billion chips, according to coingecko. Terrausd (ust) took the fourth place of decentralized dai with 10.7 billion tokens while there is a little less than 9.4 billion dai circulating.
On Jan. 13, CryptoPotato reported that a number of U.S. banks had formed a consortium to mint their own USDF stablecoins
