The stablecoin market is currently experiencing a massive surge, and the cryptocurrency ecosystem is establishing an international stablecoin organization in crypto-friendly Switzerland. The headquarters of the organization, the World Stablecoin Association (WSA), will be based in the city of Geneva.
According to reports, the association will be set up by the VirgoX Crypto Exchange Platform and the Global Digital Assets Company of Blockchain Capital Markets. The Chief Executive Officer of VirgoX, Adam Cai, noted that the main objective of the international stablecoin organization is to create a genuine, neutral universal organization consisting of all major stablecoin projects.
Besides, Cai noted that the WSA is already involved in discussions with key stablecoin schemes such as Tether (USDT), DAI, USDC, and HUSD; they aim to join the international stablecoin organization by the end of the year. Notably, WSA is currently supporting upcoming stablecoin startups. He stressed that the key issue facing the stablecoin sector is that the upcoming stablecoin initiatives are still short on adoption.
International stablecoin organization membership
During the launch of WSA, its membership consisted of the two founder companies, and blockchain-based smart contracts audit firm, BlockGeeks. The WSA also features global stablecoin such as the QCAD, which is backed by the Canadian dollar and Ren De-Fi protocol.
Furthermore, Cai noted that the member firms would participate in monthly virtual conferences, and actual seminars in Geneva, Switzerland. The conferences’ primary agenda will be to discuss the development of stablecoins, providing, and examining networking and partnership possibilities.
More members of the international stablecoin organization include projects such as CBRL, Peg Network, Stably, USDK, XDB, and entities like Nova Club, Alpha Sigma Capital, and Consensus Labs. The announcement also noted that WSA is open to allow various firms; such as businesses, government bodies, and other relevant entities in the stablecoin sector to join..
Stablecoin market surging rapidly
The establishment of an international stablecoin organization follows the explosion of the stablecoin industry in 2020. Over the last seven months, major stablecoin projects, Tether and USD Coin, have reached significant landmarks. Earlier this week, Tether hit a $10 billion amount, reaching a new all-time high in its market cap. On the other hand, USDC reached a significant landmark earlier this month, breaking past the $1 billion market cap threshold.