The dominance of USD-pegged stablecoins was tested last month. The recent SEC crackdown on BUSD indicated that fiat-pegged tokens would not be affected. government interventionespecially in the United States, prompted many to withdraw their funds.
In response to this industry development, 15 companies issuing 20 different stablecoins have formed a new trade association to represent the market. The group, called Stablecoin Standards, will launch in the coming weeks and will work on creating a set of standards that will foster consumer confidence.
Stablecoin Standard founding partner Christian Walker told CryptoSlate that the group first started as an organic collaboration between various undervalued non-USD stablecoins.
“In the summer of 2022, a small but intentional group of stablecoin projects started talking and exchanging best practices. Since then, we have grown into a community of 20 different currencies.”
Walker, head of partnerships at poundtoken.io, the first regulated GBP stablecoin issuer, said the group represents “the true international diversity of stablecoins that exist today.”
“Currently, 99% of the $145 billion global stablecoin market cap is tied to the US dollar, but recent developments show how important it is to change this.”
The group certifies various stablecoins and their issuers with quality badges that indicate compliance with the lowest industry standards. According to Walker, it is set up to foster consumer confidence as it demonstrates different use cases for non-USD stablecoins.
Stablecoin Standard currencies are cryptocurrencies pegged to the Euro (EUR), US Dollar (USD), British Pound (GBP), Japanese Yen (YEN), Chinese Yuan (CNY), Singapore Dollar (SGD), and Canadian Dollar (CAD). It has been constructed. ), Hong Kong dollar (HKD), Australian dollar (AUD), Indonesian rupiah (IDR), New Zealand dollar (NZD), Turkish lira (TRY), Brazilian real (BRL), South African rand (ZAR), Chile – Peso (CLP), Argentine Peso (ARG), Swiss Franc (CHF), Peruvian Sol (PEN), Icelandic Krona (ISK), Nigerian Naira (NGN).
