According to a July 23rd announcement, the WSA is founded by VirgoX, a stablecoin-focused digital asset exchange, and Global Digital Assets or GDA Capital, a leading blockchain capital markets firm based in Canada. Other leading stablecoin projects include BlockGeeks, BRZ, CBRL, Peg Network, QCAD, QC, Ren, Stably, USDK, XDB, and capital groups such as Alpha Sigma Capital, Consensus Labs, and Nova Club.
According to VirgoX, some influential blockchain media and communities such as Blockchain Club, Mars Finance, and Jinse Finance also want to join the association. The WSA is also in discussion with major stablecoin providers like Tether (UDST), USD Coin (USDC), Dai (DAI), and HUSD and is expected to join the WSA by the end of 2020. But the membership is not limited to only stablecoin projects. Enterprises, government agencies, and other active companies are openly invited to the platform.
The WSA has four committees: Policy Analysis committee, Education Committee, Partnership, and the Advocacy Committee.
The Policy Analysis committee will collaborate with other associations to analyze the regulatory landscape of stablecoins worldwide. This will help businesses not only to follow the latest compliance procedure in different jurisdictions but also prepares them for the ever-changing political landscape.
The Education Committee will publish educational materials online as well as arrange offline meetups and conferences including an annual World Stablecoin Summit each year. The WSA also plans to set up education centers on different continents.
“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,” reads the announcement.
The news follows a massive growth in the stablecoin industry this year. Tether USDT recently hit a $10 million market cap milestone, from $5 billion in just five months since March 2020. As reported, USD Coin (USDC), a digital dollar stablecoin by Coinbase and Circle, has seen its market cap exceeding USD 1 billion in early July.
Adam Cai, CEO of VirgoX, commented:
“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. 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.”
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