Switzerland Sees the Launch of World Stablecoin Association (WSA)

Stablecoins have been quickly becoming popular across the globe and their growth in the year 2020 is a great indicator of the increasing confidence shown in them by the public. We are seeing a lot of positive signs regarding the performance of stablecoins in general and one of the biggest signs showed up yesterday. Under the direction of VirgoX, and Global Digital Assets, better known as GDA Capital, the World Stablecoin Association has formally been created. The association saw its launch in Switzerland and its aim is to bring together major global stablecoin projects. VirgoX is one of the major cryptocurrencies operating globally whereas GDA Capital is a highly active capital market firm dealing in digital assets. The two firms provide all the strength that the association may need to meet their targets.

Called WSA for short reference, the association’s primary targets would be projects like Tether and USDC. The CEO of VirgoX Adam Cai said that the reason behind building the association is to create a platform that is unbiased and truly representative of all stablecoin projects underway globally. He also said that the association is already getting in contact with major stablecoin names like USD Coin (USDC), Tether (UDST), HUSD, and Dai (DAI). He said that it is the target of all these organizations to be a part of WSA before the year 2020 comes to an end. In the meanwhile, the association will be focusing on creating new stablecoin projects that will enhance the operational strength of the association and the overall stablecoin community.

A key point that Cai pointed out was that there is no real support for any new stablecoins that may be budding anywhere around the world. He also said, “It should not only be trading pairs but also global payment and cross-border remittance. Also, to encourage users to hold stablecoins as a means of storing value would also need projects to find various applications to generate values, such as interest-bearing products, such as staking, etc.”

As far as association memberships go, apart from the founding firms VirgoX and GDA Capital, a third organization involved is BlockGeeks. This is another blockchain technology firm that provides services like white paper audits and smart contract audits to different enterprise-level clients. They educate people regarding blockchain technology as well. In addition to that, there are a couple of other high-profile names from the stablecoin industry as well. These include the QCAD, a stablecoin project that has the backing of the Canadian Dollar. In addition to that, Ren is also a member of the newly formed association. Ren is a decentralized finance protocol that uses polychain technology.

Cai pointed out that all the members of the association will be participating in monthly meetings that will be conducted online. Additionally, they will also meet once a year in Switzerland for a conference. The purpose of these meetings would be to discuss matters related to the development of stablecoin market globally and possibly expand the association by exploring different stablecoin projects happening around the world. Some other names involved in the association at the moment include CBRL, BRZ, QC, Peg Network, USDK, Stably, XDB, and also some capital organizations like Alpha Sigma Capital, Nova Club, and Consensus Labs, a Beijing-based group. The announcement released by the association said that they will be welcoming organizations from different backgrounds that include all types of enterprises, firms advocating the use and spread of stablecoin, and government agencies as well.

All this should not come as a surprise at all considering how much success stablecoin has seen in the year 2020. Both USD Coin and Tether achieved huge milestones this year with Tether going to its highest ever market capitalization level. It achieved an incredible $10 billion value only a few days ago. This value doubled from $5 billion which was back in March. Doubling in value in just over 3 months is an incredible milestone for Tether. USD Coin’s success has also made news with the company finally breaking through the $1 billion milestone earlier this month.

With the stablecoin industry moving forward at a rapid pace, things seem to be quite positive in the World Stablecoin Association camp. With the organization rapidly working on increasing their member base and bringing in and supporting new projects, the coming days do seem to carry a huge sense of positivity. Stablecoin projects have already been popping up in different countries and with a formal platform to support all of them in mutual terms, the growth rate is only expected to increase. “Together, this NPO is collectively pushing the industry forward to serve the needs of global users. To add on that, we do believe the stablecoin market cap is going to explode in the very near future. We have seen stablecoin exceeding 10 billion not long ago. The % growth in the past 2 years is significant. This trend will surely continue.”

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