In Switzerland, the World Stablecoin Association (WSA) has been established to support existing stablecoins and help develop new stable cryptocurrencies.
The association was founded by the VirgoX cryptocurrency exchange and the commercial bank Global Digital Assets (GDA Capital), which operates in the field of blockchain and digital assets. The WSA is headquartered in Geneva. VirgoX CEO Adam Cai said that it is planned to attract all major projects that have issued their own stablecoins to the international Association. WSA is already negotiating with major cryptocurrency issuers UDST, USDC, DAI and HUSD.
According to Kai, they will be ready to become members of the Association by the end of this year. In the meantime, the WSA will help create an enabling environment for cryptocurrency startups whose stablecoins are in their early stages of development. The VirgoX CEO emphasized that the main problem with stablecoins is that despite their advantages over conventional digital assets, they still cannot be widely used.
“Simple trading of stablecoins on cryptocurrency platforms is not enough. Stable cryptocurrencies should be used for cross-border payments and transfers. In order for users to view such assets as a ‘storehouse of value’, projects need to be helped to develop staking and interest-bearing products, ”said VirgoX CEO Adam Kai.
Kai also said that to date, the World Stablecoin Association includes Canada Stablecorp, the developer of the QCAD stablecoin based on the Ethereum blockchain, and Ren, which is creating a decentralized protocol for exchanging transactions between Ethereum and the Bitcoin, Bitcoin Cash and Zcash blockchains.
BlockGeeks also became a member of the Association, which performs audit of smart contracts and organizes educational trainings on cryptocurrencies for corporate clients. In addition to these firms, WSA includes stablecoin issuers BRZ, CBRL, USDK, XDB, as well as Peg Network, QC, Stably, Nova Club, Alpha Sigma Capital and the Beijing branch of Consensus Labs.
WSA announced that it is open to cooperation with all enterprises and government bodies supporting the development of the stablecoin industry. The association will organize monthly online seminars and annual conferences in Switzerland to discuss in detail plans and further actions for the large-scale adoption of stablecoins, as well as explore opportunities for interaction with other issuers of stable cryptocurrencies. The VirgoX CEO believes that there will be a “boom” in stablecoins in the coming years, and interest in them will only grow.
Note that according to Messari, the capitalization of Tether ‘s stablecoin USDT has exceeded $ 10 billion. Over the current year, it has more than doubled. USDC and BUSD also posted significant gains this year.