LONDON, UK, Oct. 9, 2024 /Chainwire/ — Stablecoin Standards, the industry association for stablecoin issuers around the world, today announced that its recently announced global set of standards for stablecoin issuers is the leading announced that it has been endorsed by some of the leading stablecoin issuers and ecosystems. Industry participants.
Backed by Archblock, BiLira, Bitstamp, GMO-Z.com Trust Company (“GMO Trust”), JST Digital, Fireblocks, Solana Foundation, StraitsX, Zodia Markets, and others, it is a new initiative for collaboration and standardization within stablecoins. It marks the coming of an era. industry.
The standards were announced by Beth Haddock, Global Policy Lead for Stablecoin Standards, at our annual flagship event in Singapore, and are designed to improve operational resiliency, transparency and issuer The aim is to promote a consistent commitment of The Stablecoin Standards Policy Working Group has created high-level standards that are common and practical, while being sensitive to market innovation.
Commenting on the approval, Beth Haddock, Global Policy Lead at Stablecoin Standards, said: “Their approval only validates the rigor of the framework we are proposing. This milestone highlights the importance of creating a stable, transparent and resilient environment for digital currencies.”This milestone will be discussed at our Annual General Meeting. Build a strong foundation for the continued evolution of your ecosystem. ”
Approval of the standard lays the foundation for a stablecoin ecosystem that prioritizes transparency, security, and consumer protection. As regulatory oversight increases and demand for digital assets increases, uniform standards can provide clarity and assurance to both industry participants and the public. The new framework of stablecoin standards aims to accelerate the adoption of stablecoins by fostering greater trust among consumers, regulators, and traditional financial institutions.
Ramy Soliman, co-founder of Stablecoin Standard, commented on the approval: “The endorsement of our global standard by leading stablecoin issuers such as BiLira and ecosystem participants including industry leaders such as Solana, Zodia Markets and JST Digital is an important step. Towards the establishment of a reliable framework.
As stablecoins continue to redefine the future of digital payments, these standards will provide the foundation for long-term growth, transparency, and security. This joint commitment, reinforced by discussions at the annual general meeting, not only underscores the industry’s dedication to fostering innovation, but also ensuring that stablecoins thrive globally by meeting evolving regulatory expectations. demonstrates a concerted effort to build essential consumer trust. ”
Stablecoin Standard and its supporting members plan to continue refining these standards for implementation, with the goal of achieving industry-wide compliance by Q4 2025.
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Commenting on the support of both companies, Sinan Koç, co-founder and CEO of BiLira, said: World standard. TRYB operates with a commitment to adhering to these principles, which we believe are essential to fostering trust and stability in the rapidly evolving digital asset space. We support this initiative as an important step towards a more resilient and integrated stablecoin ecosystem. ”
Ran Goldi, Senior Vice President of Payments and Networks at Fireblocks, commented on their support: “With over 10 stablecoins issued on Fireblocks, we strongly believe that standards are the right path for our ecosystem when it comes to reaching the holy grail of interoperability and instant liquidity. They’re taking big, bold steps everywhere, and we proudly support and support them.”
Commenting on their support, StraitsX Director Kenny Chan said: We are proud to support the newly introduced global standard of stablecoin standards. This increases trust in the stablecoin ecosystem and enables businesses and consumers around the world to securely and seamlessly adopt digital currencies. By working with key industry participants, we believe these standards will provide a strong foundation for the future of stablecoins and foster innovation while ensuring compliance with evolving regulatory frameworks. ”
About Stablecoin Standard
Stablecoin Standards (SCS) is an industry association focused on setting standards around stablecoin operations, transparency, and products. SCS will form an industry-led working group to share international best practices and business development use cases and define what a high-quality liquidity stablecoin should be, and to engage with national and international policy makers. By working together, we plan to achieve industry-wide standards.
The SCS ecosystem is comprised of more than 30 advisory board members, industry partners, and issuers offering digital currencies in global jurisdictions including the US, EU, Singapore, Australia, and Turkey.
Users can follow Stablecoin Standard on LinkedIn and X. For more information, please visit https://stablecoinstandard.com/.
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