'All Transactions Will Settle On Blockchains Eventually,' Standard Chartered CEO Says

Benzinga and Yahoo Finance LLC whitethorn gain committee oregon gross connected immoderate items done the links below.

All transactions would “eventually” tally connected blockchain rails, according to Standard Chartered CEO Bill Winters.

“Our belief, which I deliberation is shared by the enactment of Hong Kong, is that beauteous overmuch each transactions volition settee connected blockchains eventually, and that each wealth volition beryllium digital,” Winters said Monday astatine Hong Kong FinTech Week. “Think astir what that means: a implicit rewiring of the fiscal system.”

Winters added that it was not yet wide however this rewiring would beryllium done, which made experimentation supported successful Hong Kong each the much critical.

Don't Miss:

• Buffett's Secret to Wealth? Private Real Estate—Get Institutional Access Yourself

• Wall Street's $12B Real Estate Manager Is Opening Its Doors to Individual Investors — Without the Crowdfunding Middlemen

Hong Kong has worked to go a blockchain and cryptocurrency hub since astatine slightest 2022. In 2024, the portion launched a tokenization sandbox, which has seen information from Standard Chartered. This year, the portion has besides passed a stablecoin bill, offering guidance and clarity to prospective issuers.

Standard Chartered successful February announced a concern with cryptocurrency-focused task superior steadfast Animoca Brands to motorboat a Hong Kong dollar-backed stablecoin.

Winters connected Monday said HKD-backed stablecoins could play an “interesting” relation successful planetary trade, arsenic they are linked to the Chinese authorities but are inactive “tightly managed against the U.S. dollar.”

Trending: An EA Co-Founder Shapes This VC Backed Marketplace—Now You Can Invest successful Gaming's Next Big Platform

Meanwhile, Hong Kong is not the lone portion opening its doors to tokenization and stablecoins. In April, the U.S. enacted stablecoin rules. Meanwhile, the country’s Securities and Exchange Commission has unveiled “Project Crypto,” an inaugural to alteration fiscal markets to determination on-chain.

Amid the planetary regulatory tilt, respective leaders successful concern person shown rising optimism astir the blockchain sectors.

Robinhood (NASDAQ:HOOD) CEO Vlad Tenev past period likened tokenization to a “freight train,” adding that “it can’t beryllium stopped and yet it’s going to devour the full fiscal system.”

See Also: If determination was a caller money backed by Jeff Bezos offering a 7-9% people output with monthly dividends would you put successful it?

Even renowned cryptocurrency skeptic JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon appears to person changed his tune.

“Crypto is real,” Dimon said astatine the Future Investment Initiative league past week. “Blockchains, stablecoins and JPM deposit coins, each that worldly is real. It volition beryllium utilized by each of america to facilitate amended transactions.”