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Stablecoin Association Is Launched in Switzerland

24 July 2020 16:00, UTC
Anna Martynova

Amid the massive growth of stablecoins in 2020, the crypto community is creating a World Stablecoin Association in Switzerland, which will be established by the VirgoX crypto exchange and the fintech company Global Digital Assets.

The main tasks of the association are as follows:

  • popularization of settlements in tokens pegged to fiat,
  • search for funding,
  • technical support of projects.

The WSA is known to be already in discussion with major stablecoin providers such as Tether (UDST), USD Coin (USDC), Dai (DAI) and HUSD. The listed companies aim to join the association by the end of 2020.

In 2021, the association plans to launch wallets, a processing service, and staking, which will be tied to digital analogue of national currencies. It is also planned to create a single marketplace, with the possibility of converting stablecoins of companies that support the association. The association hopes that with the admission of new members and through their contributions, it will be possible to expand the incubator for startups developing a new digital economy based on fiat.

Image courtesy of Ledger Insights