Due to the massive growth of stablecoins in 2020, the cryptocurrency community founded the International Stablecoin Association in Switzerland
Called the World Stablecoin Association, or WSA, an organization based in Geneva, it is to be launched by the cryptocurrency exchange – VirgoX and the blockchain company Global Digital Assets, or GDA Capital.
Adding key projects
Adam Cai, CEO of VirgoX, emphasized that the ultimate goal of the initiative is to build a genuine, impartial, global association made up of all major stablecoin projects.
According to Caia, WSA is already in discussions with major stablecoin companies such as Tether (UDST), USD Coin (USDC), Dai (DAI) and HUSD. Cai noted that these companies intend to join the WSA by the end of 2020, while the association will now incubate new projects.
Cai stressed that the main challenge for the stablecoin industry is that emerging initiatives are still not properly adapted.
“It should be not only trade pairs, but also global payments and cross-border transfers. In addition, to encourage users to have stablecoins as a means of storing value, projects will also be needed to find various applications to generate value such as interest bearing products such as staking, etc. ”.
WSA membership at startup
At launch, WSA owns two founding companies and BlockGeeks, a supply chain company that provides smart contract audits, white paper audits and educational training for corporate clients. The global stablecoin association also includes major global stablecoin projects such as QCAD and the Polychain-backed decentralized finance protocol, Ren. According to Cai, the stablecoin projects involved will participate in monthly online seminars and annual conferences held in Switzerland to discuss development and explore collaboration with other projects.
Other members include stablecoin initiatives such as BRZ, CBRL, Peg Network, QC, Stable, USDK, XDB, as well as corporate groups such as Nova Club, Alpha Sigma Capital, and Beijing Consensus Labs. As announced, the WSA will welcome entities such as enterprises, government agencies and other active companies working for the stablecoin industry into its ranks.
In 2020, stablecoins saw huge increases in popularity. The largest stable coins in the world, Tether USDT and USD Coin, have hit very important milestones recently. USDT earlier this week exceeded $ 10bn in market capitalization.
Earlier in July, the second-largest stablecoin, USD Coin, also broke a new record. Founded by major US cryptocurrency exchanges, USDC, surpassed the $ 1 billion market cap on July 3.
The director of VirgoX emphasized that further development of the stable coin industry would provide major benefits to global users. Cai said:
“This non-profit organization is jointly pushing the industry forward to serve the needs of global users. We believe that the market capitalization of stablecoins will explode in the very near future. We saw USDT surpassing 10 billion not too long ago. The percentage increase over the past 2 years is significant. This trend will surely continue. “