Digital asset exchange VirgoX and blockchain capital markets firm Global Digital Assets (GDA Capital) have launched the World Stablecoin Association (WSA), an independent, not for profit organization headquartered in Geneva, Switzerland.
The WSA’s mission is to unite business leaders, enterprises, community buildings, and regulators in the stablecoin industry internationally, the founding companies stated today. Besides the two founding firms, the new organization’s members already include BlockGeeks, stablecoin projects BRZ, CBRL, Peg Network, QCAD, QC, Ren, Stably, USDK, XDB, and capital groups Alpha Sigma Capital, Consensus Labs, and Nova Club. VirgoX’s CEO Adam Cai said they are in talks with larger projects, such as Tether (UDST), USD Coin (USDC), Dai (DAI), and HUSD.
Additionally, several influential blockchain media and communities, such as Blockchain Club, Mars Finance, Jinse Finance, expressed interest in curating and delivering “more stablecoin trends with the WSA”. Membership will also be open to enterprises, government agencies and other active companies adding value to and advocating for stablecoins.
The WSA members point out that the use and demand for stablecoins have been growing exponentially over the past few years. On-chain stablecoin activities have increased over 800% in the last 12 months alone, with $290 billion in transactions, per market intelligence firm TokenAnalyst. The total daily trading volume of stablecoins is now the largest of any digital asset on the market today.
“Stablecoin is evolving rapidly with the exponential growth of total market cap in the past couple of years. The potential of stablecoin applications is yet to be fully unveiled. WSA is established to assist various stablecoin initiatives to develop and get connected within the industry. Every member shall benefit from the open ecosystem that WSA is building,” ” said Adam Cai, CEO of VirgoX.
“Stablecoins or digital assets that are collateralized by real world utility represent the single most likely way for blockchain technology to reach a mainstream audience. The majority of the world will not hold their wealth or transact in bitcoin or any digital asset that is extremely volatile as it presents too much risk. Especially in times like these where governments around the world are printing large volumes of their countries fiat currency to stimulate the economy and also requiring USD to do international imports, stablecoins are filling the huge gap for liquidity,” said Michael Gord, the co-founder and CEO of Global Digital Assets,
Cai and Gord explained that the WSA has four pillars: policy analysis, education, partnerships and advocacy. Each member organization has at least one executive participating in at least one of the initiatives. The policy analysis committee will join forces with other research institutions, think tanks and associations to analyze the global regulatory and economic landscape of stablecoins. The education committee will publish educational material and arrange offline meetups and conferences including an annual World Stablecoin Summit each year in Switzerland. The partnerships committee will leverage relationships across industry verticals to support members in forming meaningful global alliances and the advocacy committee will act as the voice of the stablecoin industry and represent enterprises, stablecoin projects and other industry vertices to accelerate the stablecoin policy making process.
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