New York-based investment giant WisdomTree Investments has announced that it will issue its own stablecoin ahead of the competition and thus be the first in the ETF – Exchange-Traded Fund sector.
According to reports, it seems that the US giant has immediately decided to take action with the SEC (Securities and Exchange Commission) regulators to create its own digital token in compliance with the institutions.
In particular, the WisdomTree digital token should be a stablecoin anchored to a basket of assets such as gold, fiat currencies or public debt, but the situation has not yet been declared with the US financial watchdog.
The only statements reported at the moment are those of Jonathan Steinberg, the founder and CEO of WisdomTree, who stated:
“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 stressed the importance of being ahead of the competition in the world of digital currencies, where the asset management company seems to have placed a lot of bets.
Just last month, WisdomTree launched a bitcoin-based exchange-traded product (ETP) that allows investors to access BTC without the need to hold it. This product was then listed on the Zurich Stock Exchange, Six Swiss Exchange, which is the leading crypto-based ETP exchange.
Moreover, a week ago WisdomTree took the spotlight for its important participation in the financing of the Securrency Inc. project, one of the leading developers of financial technology and regulation on blockchain at institutional level, which raised $17.65 million.
On that occasion, Steinberg had stated:
“Our investment in Securrency is the result of a multi-year review of blockchain technology and the associated landscape. In our review, we found instances of unnecessary applications of the technology and poor compliance with existing regulations; however, there are numerous elements of blockchain technology that, when correctly applied, will bring benefits to investors. Using the technology, we believe we have identified areas for exciting innovation within the ETF ecosystem and in financial services more broadly, all with a focus on meeting the highest standards of regulation”.
With regard to the current innovative idea of a stablecoin for the ETF sector, the vision expressed by WisdomTree is to offer access to traditional assets such as gold or property on the blockchain.
By doing so, WisdomTree wants to be the pioneer of the stablecoin movement in the sector, leading the competition, and becoming very similar to Facebook but for the financial institutions area.