2 years ago
The dominance of stablecoins pegged to the U.S. dollar has been tested successful the past month. The caller SEC crackdown connected BUSD showed that tokens pegged to fiat currencies aren’t immune to government intervention, particularly successful the U.S., prompting galore to propulsion their funds out.
In effect to this manufacture development, 15 companies issuing 20 antithetic stablecoins person formed a caller manufacture assemblage representing the market. Called the Stablecoin Standard, the radical is acceptable to motorboat successful the coming weeks and enactment connected creating a acceptable of standards that promotes user confidence.
Christian Walker, the founding spouse of the Stablecoin Standard, told CryptoSlate that the radical archetypal started arsenic an integrated collaboration betwixt assorted under-represented non-U.S. dollar stablecoins.
“In the summertime of 2022, a tiny but intentional radical of stablecoin projects started talking and swapping champion practices. Since then, we person grown to a assemblage of 20 antithetic currencies.”
Walker, the caput of partnerships astatine poundtoken.io, the archetypal regulated GBP stablecoin issuer, noted that the radical volition correspond “the existent planetary diverseness of stablecoins contiguous today.”
“Although 99% of the $145 cardinal planetary stablecoin market-cap is presently tied to the US Dollar, caller developments person shown however important it is for this to change.”
The radical volition accredit assorted stablecoins and their issuers with the Quality Badge showing they comply with the minimum manufacture standards. This is acceptable to beforehand user assurance arsenic it showcases the assorted usage cases for non-U.S. dollar stablecoins, Walker said.
The Stablecoin Standard currency consists of cryptocurrencies pegged to the euro (EUR), U.S. dollar (USD), Great British lb (GBP), Japanese yen (YEN), Chinese yuan (CNY), Singapore dollar (SGD), Canadian dollar (CAD), Hong Kong dollar (HKD), Australian dollar (AUD), Indonesian Rupiah (IDR), New Zealand dollar (NZD), Turkish lira (TRY), Brazilian existent (BRL), South African rand (ZAR), Chilean peso (CLP), Argentine peso (ARG), Swiss franc (CHF), Peruvian sol (PEN), Icelandic krona (ISK), and Nigerian naira (NGN).
The station 20 planetary currency stablecoins to signifier International Standards Body appeared archetypal connected CryptoSlate.
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