Note: The original content comes from a FINTECH.TV interview published on May 29, 2025!
William Quigley and Remy Blaire, co-founders of Tether and WAX, discussed the potential of Trump's media company spending $2.5 billion to buy Bitcoin.
Remy Blaire: This deal involves $1.5 billion in stock and $1 billion in convertible notes. At the time this news was released, Bitcoin had just reached a historic high last week, and the major Bitcoin 2025 conference was also taking place in Las Vegas. This morning, William Quigley, co-founder of Tether and WAX, will join me to discuss this topic in depth.
William Quigley: What I want to say is that it is extremely rare for any company to raise $2.5 billion at any time, especially for a company at this stage of development, right? It is still a relatively new startup with an annual income of less than $5 million. Holding Bitcoin reserves may make sense, as many other companies have begun incorporating cryptocurrency into their asset portfolios. Moreover, I believe that many people holding stock in Trump's media group are also cryptocurrency enthusiasts. So from that perspective, I think it aligns with their goals.
Remy Blaire: Since you're here, I want to discuss the issue of stablecoins with you. Stablecoins have received much attention; they are the first critical point in the stablecoin space, and there are different types of stablecoins on the market. So, in your opinion, what is the primary definition of a stablecoin?
William Quigley: Of course, I’m glad you asked that question. From my perspective, and that of most cryptocurrency professionals, a stablecoin is a digital currency that represents a certain amount of fiat currency and can circulate on the blockchain through digital currency processing. As for whether banking consortiums like JPMorgan and Wells Fargo are considering issuing stablecoins and whether they will issue them on the blockchain, I’m not sure, so I can’t say they are issuing stablecoins.
Remy Blaire: I'm glad you mentioned that, as the (Wall Street Journal) report on the banking consortium has generated widespread attention. However, given the limited time, I would like to focus more on the issue of regulatory clarity. The Senate advanced their proposed (GENIUS Act) on May 19 with a vote of 66 in favor and 32 against. This bill will set rules for stablecoins and indeed clears a major hurdle for the final proposal.
William Quigley: By the way, the recent (GENIUS Act) passed by the U.S. Senate does not explicitly require that stablecoin transactions must occur on a blockchain. However, in terms of regulatory clarity, this is undoubtedly a good start. The (GENIUS Act) clarifies what controls must be in place, which entities can issue stablecoins, and establishes the order of repayment for stablecoin deposits in bankruptcy proceedings. These provisions are very helpful. I think this is a great first step. In the fifteen years since the birth of Bitcoin, this is the first clear regulation we have seen from the U.S. Congress, which has indeed been a long process. I hope that this can serve as a starting point for us to gradually expand into other areas of cryptocurrency, such as decentralized finance (DeFi), of course, including other cryptocurrencies beyond Bitcoin, as well as issues like how exchanges should trade these currencies, ultimately achieving the digitization of real-world assets, which will be a highly promising field. Perhaps in the next ten years, people will be able to trade almost all assets more freely through blockchain.
Remy Blaire: William, before I wrap up the interview, I want to talk to you. You have invested in over 30 cryptocurrency and blockchain projects and assisted in developing the first electronic derivatives that were in use before their official launch. So, from a macro perspective, what does the outlook for cryptocurrency look like in the second half of 2025?
William Quigley: Based on historical experience, after a significant event occurs with Bitcoin — which will happen in April 2024 — the price of Bitcoin usually continues to rise for about a year and a half, with an increase that could reach one, two, three, or even four times. Compared to previous Bitcoin events that triggered bull markets, we have already seen some level of increase. If we follow the major patterns of the past, the market should have already begun to see a significant rise. However, at this point, I believe we are in a whole new paradigm, which means we cannot predict exactly what will happen in the future. As I mentioned earlier, large financial institutions and some companies today are hoarding Bitcoin in large quantities and incorporating it into their corporate treasury, which should help stabilize Bitcoin's price. However, whether we can achieve multiple increases like in 2017 or 2021 remains to be seen.
Remy Blaire: Alright, William, thank you very much for joining our show and for taking the time to share your insights and opinions, as always, thank you.
William Quigley: Nice to see you, goodbye.
*Friendly reminder: This article is for informational purposes only and does not constitute any investment advice!
