Switzerland’s continual effort to unite the stablecoin industry and resolve its several underlying issues led them to the formation of the World Stablecoin Association. The WSA aims to serve as the industry’s united front against the many controlling problems that persist within the said sector. On top of that, the WSA is also expected to promote collaboration between different stablecoin exchanges.
This development came amidst the skyrocketing interest and growth for stablecoins. More than ever, stablecoins are considered significant. They are now prominently used as a means of exchange within the crypto scene. USD Coin (USDC) and Tether (USDT) have both saw a significant upward market surge this year. Notably, USDC just recently reached its $1 billion milestone, while Tether has managed to achieve more than $10 billion in market value.
The stablecoin sector’s successes are an excellent indicator that more and more fiat money is converted into stablecoins and that the industry is here to stay. That being said, there was still no form of organization or group trying to govern and promote collaboration, up until now. Despite being just recently formed, the WSA is already in several discussions with the current industry leaders in an effort to get them on board within this year.
Furthermore, numerous reports have pointed out that various projects have already enlisted under the WSA. This includes the Canada-based QCAD and the DeFi project named ‘Ren’ which is heavily supported by the Polychain Capital, among many more.