William Quigley, co-founder of Tether and decentralized exchange WAX, believes that the global economy is likely to transition to tokenized currency within the next 10 years. Tokenizing fiat currencies such as the US dollar is the greatest innovation since the invention of fiat currency and will bring about new mechanisms for global finance in the coming years. During a fireside chat at the Financial Times' Cryptocurrency and Digital Assets Summit on May 9th, he praised tokenization technology, saying, "Few technological innovations can be so perfect without any flaws." William Quigley added that "only when you tokenize fiat currency do you enhance it," noting that there are trillions of dollars in US bank accounts that earn no interest. According to the executive, people value the concept of banking services and that's why they like these types of accounts.