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Cryptocurrency News Articles
Leading Stablecoin Issuers & Crypto Firms Embrace International Set Of Stablecoin Standards
Oct 09, 2024 at 08:06 pm
Stablecoin Standard, the industry body for stablecoin issuers globally, today announced that their recently unveiled set of global standards for stablecoin issuers have been endorsed by some of the leading stablecoin issues and ecosystem participants in the industry.
Leading stablecoin issuers, such as BiLira, and ecosystem participants, including industry giants like Solana, Zodia Markets, and JST Digital, have endorsed Stablecoin Standard’s new global standards, setting the stage for a new era of stablecoin industry cooperation and standardization.
The standards, unveiled at the Annual Flagship Event in Singapore, were announced by Beth Haddock, Global Policy Lead at Stablecoin Standard. They aim to promote operational resilience, transparency, and consistent issuer commitments globally. Stablecoin Standard’s Policy Working Group created the high-level standards, ensuring they are both general and actionable while remaining sensitive to the innovation in the market.
“Their endorsement not only validates the rigor of our proposed framework but also underscores the importance of creating a stable, transparent, and resilient environment for digital currencies,” Haddock said.
“This milestone, following discussions at our annual meeting, sets a strong foundation for the continued evolution of the ecosystem.”
The endorsement of the standards lays the groundwork for a stablecoin ecosystem that prioritizes transparency, security, and consumer protection. With increased scrutiny from regulators and growing demand for digital assets, unified standards can provide clarity and assurance to both industry participants and the public. Stablecoin Standard’s new framework aims to accelerate the adoption of stablecoins by fostering greater confidence among consumers, regulators, and traditional financial institutions.
“The endorsement of our global standards by leading stablecoin issuers, such as BiLira, and ecosystem participants, including industry giants like Solana, Zodia Markets, and JST Digital, is a vital step toward establishing a unified, trusted framework for the entire sector,” said Ramy Soliman, Co-Founder of Stablecoin Standard.
“As stablecoins continue to redefine the future of digital payments, these standards will provide the foundation for long-term growth, transparency, and security.
“This collective commitment—solidified during discussions at our annual meeting—not only underscores the industry’s dedication to fostering innovation but also demonstrates a concerted effort to align with evolving regulatory expectations and build the consumer trust essential for stablecoins to thrive globally.”
Stablecoin Standard and its endorsing members will continue refining these standards for implementation, aiming to achieve industry-wide adherence by Q4 2025.
Quotes from Endorsers
Sinan Koç, Co-founder and CEO of BiLira, commented on their endorsement:
“As a stablecoin issuer, BiLira has always prioritized transparency, security, and adherence to high standards, which is why we are proud to endorse the Stablecoin Standard’s newly introduced set of global standards. TRYB is governed with a commitment to uphold these principles, which we believe are essential for fostering trust and stability in the rapidly evolving digital asset space. We support this initiative as a significant step towards a more resilient and unified stablecoin ecosystem.”
Ran Goldi, SVP Payments and Network at Fireblocks, commented on their endorsement:
“With more than a dozen stablecoins issued on Fireblocks, we strongly believe standards are the right path for our ecosystem with regard to interoperability and reaching the holy grail of instant liquidity any time, anywhere. SCS is taking a big, bold step, and we proudly endorse and stand with them on this journey.”
Kenny Chan, Head of StraitsX, commented on their endorsement:
“As one of the leading regulated stablecoin issuers in Asia, StraitsX is committed to upholding the highest standards of transparency and operational resilience. We are proud to support the Stablecoin Standard’s newly introduced global standards, which will help build greater trust in the stablecoin ecosystem and ensure that digital currencies can be securely and seamlessly adopted by businesses and consumers worldwide. By working collaboratively with key industry participants, we believe these standards will provide a strong foundation for the future of stablecoins, promoting innovation while ensuring compliance with evolving regulatory frameworks.”
About Stablecoin Standard
Stablecoin Standard (SCS) is the industry body for stablecoin issuers globally, focused on setting operational, transparency, and product related standards for stablecoins. The SCS plans to achieve industry wide standards by sharing international best practices, business development use cases, forming industry led working groups defining what a high-quality liquid stablecoin should look like, and engaging with policymakers domestically & internationally. The SCS ecosystem consists of over 30 advisory board members, industry partners and issuers that offer digital currencies in global jurisdictions such as the US, EU, Singapore, Australia, and Turkey – among others.
Users can follow the Stablecoin Standard on LinkedIn and X and to learn more, please visit: https://stablecoinstandard.com/
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