Crypto exchange VirgoX along with blockchain capital markets company, Global Digital Assets (GDA Capital), have announced the launch of an international stablecoin organization in Switzerland. Dubbed the World Stablecoin Association (WSA), the organization was created to pump in more support for the stablecoin sector.
The WSA, with headquarters in Geneva, Switzerland, revealed its plan to Cointelegraph on the 23rd July. Aiming to unite all stablecoins globally, Adam Cai of VirgoX said the WSA is currently making deals with some major stablecoin providers. These providers include USD Coin (USDC), HUSD, Tether (UDST), and Dai (DAI).
The CEO of VirgoX, who is also a co-founder of WSA, highlighted some of the challenges the stablecoin industry faces. According to him, stablecoins should be used for much more than trading pairs, “
“It should not be only trading pairs but also global payment and cross-border remittance.”
Currently, the World Stablecoin Association consists of two founding members- VirgoX and Global Digital Assets. The association also has a steering committee that comprises Adam Cai, GDA Capital CEO Michael Gord, and BlockGeeks CEO Ameer Rosic.
Some of the stablecoin projects that are part of the association include Brazilian Digital Token (BRZ), CBRL, Peg Network, QCAD, Stably, USDK, and Quickcash. Cai said the stablecoin projects will engage in virtual seminars that will hold monthly. He added that the involved stablecoin projects will also take part in the annual conferences that would hold in Switzerland. During the seminars and conferences, the stablecoin projects will debate on ways to develop stablecoins and also debate on opportunities with other stablecoins.
Image Credits: Pixabay
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