VirgoX, a stablecoin-focused digital asset exchange, and Global Digital Assets (GDA Capital), a leading blockchain capital markets firm, announced the launch of the World Stablecoin Association (WSA), an independent, not-for-profit organization that is structured and headquartered in Geneva, Switzerland, with a mission to unite business leaders, enterprises, community buildings and regulators in the stablecoin industry internationally.
The World Stablecoin Association membership currently consists of the two founding firms and BlockGeeks, whose CEO Ameer Rosic is also on the WSA steering committee, as well as some of the leading stablecoin projects including BRZ, CBRL, Peg Network, QCAD, QC, Ren, Stably, USDK and XDB and capital groups such as Alpha Sigma Capital, Consensus Labs and Nova Club. Furthermore, some influential blockchain media and communities such as Blockchain Club, Mars Finance and Jinse Finance have a strong desire to curate and deliver stablecoin trends with WSA. Membership will also be open to enterprises, government agencies and other active companies, adding value to and advocating for stablecoins.
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% in the last 12 months alone with $290 billion in transactions, according to TokenAnalyst.
“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,” Adam Cai, CEO of VirgoX, stated. “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.”
The WSA has four pillars including policy analysis, education, partnerships and advocacy. 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 meetups and conferences including an annual World Stablecoin Summit each year. 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 stablecoin projects and other industry vertices to accelerate the stablecoin policy-making process.
“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,” Michael Gord, co-founder and CEO of Global Digital Assets, said. “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.”