VirgoX and GDA Capital announced the launch of the World Stablecoin Association (WSA), the Global Association for Stablecoins founded in Switzerland, which will aim to unify all industry sectors, as well as regulators and business leaders around the stablecoins.
La Global Stablecoin Association (WSA) is a organizational members in Founded by VirgoX, exchange for the exchange of cryptocurrencies, and digital assets, and GDA Capital a capital markets firm based on blockchain. It is a non-profit association that will be based in the city of Geneva, Switzerland, whose objective is to unify business leaders, companies, organizations, regulators and more participants in the digital asset industry on a global level. .
With the growing boom that the digital assets industry is experiencing and stablecoins In the market, the organizing companies of the WSA believed that 2020 is the opportune time to establish a global organization that brings together all industry projects. Through the WSA, the organizing and participating companies believe they will be able to establish true control over established and new stablecoin projects in development, providing clear, timely and impartial guidance.
Currently, the market capitalization of stablecoins exceeds 12 billion dollars, and the daily transaction volumes and movements have repeatedly exceeded those of the main cryptocurrencies, such as Bitcoin. Likewise, stablecoins are no longer seen as an enemy of the financial system, but rather as an important ally that can contribute significantly to the development of payment systems.
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Fundamental pillars and objectives of the WSA
The WSA seeks to establish and unify criteria that guarantee the correct use and implementation of stablecoins, for the development of new projects in the industry as well as member companies and organizations. To achieve this, the WSA presents four fundamental pillars, which are:
- Policy analysis, which correspond to the potential that other research and development organizations can bring to the association.
- Education, focused on the organization of educational events worldwide, as well as the production and dissemination of educational material.
- Associations, aimed at creating and cultivating strong partnerships and links with important industry organizations and leaders for the development and advancement of all processes.
- Trade, focused on supporting new or early-stage projects that do not have a strong voice to perform in the industry.
The WSA states that each member organization will have one or more executives who actively contribute to at least one of these pillars.
Current importance of stablecoins
Although cryptocurrencies are a significant advance for technological innovation in several sectors, aspects such as the volatility of these assets, especially in their startup and development phase, have made several potential investors stay away from them. For their part, stablecoins were born as a more viable alternative to cryptocurrencies, integrating characteristics of digital assets.
But at the same time, they exclude the condition of volatility by being backed by fiat currencies or other resources, such as raw materials, stocks, goods, among others. And it is the combination of these characteristics together with the implementation of blockchain technology, which has sparked the interest of business leaders in these projects, recognizing their great potential and multiple benefits.
Stablecoins, or stable currencies, offer stability in value, a high level of security, speed and economy in financial transactions and movements, as well as resistance to censorship; Therefore, stablecoins are capable of offering the best of the traditional financial system and new technologies such as blockchain.
Who participates in the WSA?
The founding companies of this organization are, as mentioned at the beginning, the cryptocurrency exchange VirgoX and the capital markets firm GDA Capital. Likewise, the WSA has several other important members within the stablecoin industry, such as: BlockGeeks, an educational portal about blockchain and cryptocurrencies. Within the WSA there are also several important stablecoin projects such as: BRZ, CBRL, Peg Network, QCAD, Ren Project, QC, USDK, XDB and stable.
Similarly, several capital groups are also part of the associated members of the WSA, among these capital groups are Consensus Labs, new club and the American group Alpha Sigma Capital. Likewise, projects and communities based on blockchain, Blockchain Club, Mars Finance y Jinse Finance It is also part of the WSA.
For its part, the Steering Committee is made up of: Adam Falls, CEO of VirgoX and Michael Gord, CEO of GDA Capital, as co-founders of the WSA and Ameer Rosic, CEO of BlockGeeks, as an advisor.
To date, the WSA is already discussing the most important stablecoin projects in the industry, such as Tether (UDST), Dai (SO), USD Coin (USDC), among others, and it is expected that by the end of the year these projects can be integrated into the WSA. For the moment, the WSA will continue to provide its support to stablecoin projects in development and early stage to enhance their growth and qualities.
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