Investor, early crypto adopter, and CEO of Gemini substitution, Tyler Winklevoss, predicted that competition between stablecoins will really brainstorm one time Wall Street moves into decentralized finance, or DeFi, during a recent interview with The Defiant'southward Camila Russo.

However, despite his optimistic outlook for DeFi, the Gemini co-founder asserted that the crypto industry currently does not offer a killer app that is driving adoption from exterior of the virtual currency community.

Inter-stablecoin contest hasn't even began

In an interview with The Defiant, Tyler Winklevoss predicted that the real race between stablecoins will not accept class until Wall Street takes an interest in DeFi:

"When Wall Street wants to start investing in decentralized finance, they'll need a currency. When a decentralized [Existent Estate Investment Trust] pays off a dividend or a stock, is it going to pay it to investors in Ether? Probably not because of the volatility, but in a stablecoin."

Withal, Tyler offered a damning appraisal of many existing stablecoin projects, stating:

"A lot of these stablecoins, they but put their own cash deposits to goose up the assets under management to give this perception that it's bigger than it is. I think information technology's kind of bullshit. People see through it."

Yield generation is critical crypto value suggestion

Tyler Winklevoss as well emphasized the value proposition crypto assets offering through offering interest yields from staking or DeFi protocols amidst the deteriorating global economy, stating:

"Super of import in this environment with zero interest rates, perchance negative interest rates, potentially hyperinflation, [is] the power to earn yield anywhere like five%, 6%, whether it's staking or you know, a DeFi money marketplace," he stated.

Tyler revealed that Gemini plans to provide greater support for crypto assets "that power the DeFi revolution," stating that the firm volition look to offer both trading and custody services.

Despite his excitement for the future, Gemini's CEO does not believe the crypto ecosystem is yet to produce a killer app capable of driving mainstream adoption on a significant scale.

"I don't run across that mainstream killer decentralized app right now that all of my crypto and non crypto friends are coming onto blockchains to use."