World Stablecoin Association Launched For Cryptocurrency Community
By RTTNews Staff Writer | Published: 7/24/2020 10:23 AM ET
A consortium of cryptocurrency firms have teamed up to launch the World Stablecoin Association (WSA) with the aim to promote global development of stablecoins and actively engage in the advocacy of digital currencies.
Stablecoin focused digital asset trading platform VirgoX and blockchain capital markets firm Global Digital Assets (GDA Capital) are the founding members of the WSA.
Geneva- headquartered WSA is an independent, not for profit organization with a mission to unite business leaders, enterprises, community buildings and regulators in the global stablecoin industry.
The WSA membership will also be open to enterprises, government agencies and other active companies adding value to and advocating for stablecoins.
Other members of the WSA include leading global stablecoin projects such as BRZ, CBRL, Peg Network, QCAD, QC, Ren, Stably, USDK, XDB and capital groups such as Alpha Sigma Capital, Consensus Labs, Nova Club and BlockGeeks, whose CEO Ameer Rosic is also on the WSA steering committee.
According to reports, the WSA is already in talks with leading stablecoin projects such as Tether (UDST), USD Coin (USDC), Dai (DAI), and HUSD and they are all expected to join the WSA by the end of 2020.
The WSA has four pillars including policy analysis, education, partnerships and advocacy, with each member organization having 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 accelerate the stablecoin policy making process.
According to market intelligence firm TokenAnalyst, the use and demand for stablecoins have been growing exponentially over the past few years with an increase in on-chain stablecoin activities of 800 percent in the last 12 months alone with $290 billion in transactions.
The total daily trading volume of stablecoins is now the largest of any digital asset on the market today and the total market capitalization of all stablecoins is now third, ahead of Ripple and behind Bitcoin and Ethereum.
With the increase in adoption of stablecoins, the WSA will act as a neutral voice that represents the global stablecoin industry. 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. This is where stablecoins are useful.
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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.
Article reposted on Markethive by Jeffrey Sloe