Tom Schmidt, General Partner at crypto fund Dragonfly, presented at Korea Blockchain Week 2026 in Seoul his thesis that synthetic dollars will grow alongside the tokenization of real-world assets. According to him, these dollar-pegged tokens built from assets and positions rather than cash reserves will gain in possibilities as traditional instruments like bonds or fund shares are represented on blockchain. Dragonfly already invested in Ethena’s USDe protocol in 2023. The stablecoin market is splitting between fiat-backed tokens, synthetic dollars and local-currency stablecoins, which compete to become the default unit of on-chain settlement.
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