In the midst of the massive growth of stablecoins in 2020, the cryptomint community is establishing an international stablecoin organization in Switzerland.
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Called the „World Association of Stablecoin“, or WSA, the Geneva-based organization will be launched by the Bitcoin Code crypto exchange, VirgoX and the blockchain capital markets firm Global Digital Assets, or GDA Capital. WSA notified Cointelegraph of the news on July 23.
Integrating key stablecoins projects
Adam Cai, CEO of VirgoX, described the ultimate goal of this initiative as building a true, unbiased global partnership comprised of all major stablecoins projects.
According to him, the WSA is already in discussion with major stablecoin suppliers such as Tether (UDST), USD Coin (USDC), Dai (DAI) and HUSD. Cai noted that these companies aim to join WSA by the end of 2020, while the association is now incubating early stage stablecoin projects.
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Cai emphasized that the main challenge within the industry is that emerging stablecoins initiatives still lack adoption. He said:
„Not only should they be trade pairs, but also global payments and cross-border remittances. In addition, to encourage users to own stablecoins as a means of storing value, other projects would also be needed to find various applications for generating value, such as interest bearing products like staking, etc. „
WSA Membership at launch
At the launch, WSA’s membership features the two founding firms and BlockGeeks, a blockchain firm that provides smart contract audits, white papers and educational training for business clients. The global partnership also includes important global stablecoin projects such as QCAD, which is linked to the Canadian dollar, and the decentralized finance protocol supported by Polychain, Ren. According to Cai, the stablecoin projects involved will participate in monthly webinars and annual conferences held in Switzerland to discuss the development of stablecoins and explore opportunities for cooperation with other stablecoin projects.
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Other members include initiatives related to stablecoins such as BRZ, CBRL, Peg Network, QC, Stably, USDK, XDB, as well as capital groups such as Nova Club, Alpha Sigma Capital and Beijing-based consensus laboratories. According to the announcement, WSA welcomes a wide range of companies, including government agencies and other active firms that advocate for the stablecoins industry.
Stablecoins growth explodes in 2020
The news comes in the midst of massive growth within the stablecoins industry this year. The world’s largest, Tether USDT and USD Coin, have made significant gains recently. The USDT reached a new high in its market capitalization, reaching a figure of USD 10 billion earlier this week. As reported, Tether issuance has experienced significant growth in 2020, doubling by more than $5 billion in just five months since March 2020.
Tether reaches a market capitalization of $10 billion
In early July, the second largest stablecoin, USD Coin, also reached an important milestone in its market capitalization. Founded by the leading U.S.-based crypto-currency exchange, Coinbase and the Circle startup, USD Coin broke the $1 billion threshold on July 3.
The VirgoX executive described that the stablecoin industry’s increased growth will provide significant benefits to its global users. Cai said:
„Together, this NPO is collectively pushing the industry forward to meet the needs of global users. To add to that, we believe that the market capitalization of stablecoins is going to explode in the not too distant future. Not long ago, we saw a stablecoin exceed USD 10 billion. The % growth in the last 2 years is significant. This trend is sure to continue.