Stablecoins, despite their perceived lack of viability, are quickly becoming an emerging part of the cryptocurrency market. However, some projects like Tether (USDT) or the Winklevoss Twins’ Gemini Dollar, are at odds with one another regarding their respective missions.
Collaboration Is Key
To encourage collaboration between these physical asset-backed coins, a group of blockchain experts will establish the Global Stablecoin Association (GSA) at this year’s Blockchain Budapest conference, taking place on November 8th and 9th.
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According to a press release, experts like Nick Szabo, the inventor of smart contracts and a long-time expert in the field, will give presentations on stablecoins and other aspects of the industry.
The GSA will consist of participants pulled from stablecoin projects, alongside government representatives and experts from the big four accounting firms. All of the proceedings will happen “behind closed doors.” That said, other stablecoins can still apply to be founding members of the GSA.
As reported by Bloomberg, some consider stablecoins to be the “holy grail” of the market. However, most enthusiasts know next to nothing about these projects, including what their mission is. Making matters worse, while regulation surrounding traditional cryptocurrency is already frustrating, stablecoin regulation is even more of a mess. Nobody knows whether to consider them as utility tokens, securities, virtual currencies, or something else entirely.
Regardless, the GSA is looking to clear that up. To do so, the group has established multiple mission statements:
“1. To raise awareness on the importance of stablecoins
2. Be proactive in regulation issues
3. Creating common lobbying body and arguments to defend against haircutting type regulations
4. To help achieve mass adoption of cryptos in the real world economy
5. To publish guidelines, recommendations and best practices of the industry
6. To work out a self regulating system for the industry also a rating system and publish periodical market reports from stablecoins
7. Bring more transparency to the stablecoin space”
All of the cryptocurrency market could use more groups like the GSA. Clarity and accessibility are two significant issues facing the industry and standing in the way of mainstream adoption.
As the “leading blockchain event of Central Europe,” Blockchain Budapest is an ideal space to form the GSA. The conference will house 1000 members and host over 40 speakers from around the world.
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