Leading Stablecoin Issuers and Crypto Firms Adopt International Standards for Stablecoins by Chainwire

London, United Kingdom, October 9th, 2024

Key Highlights:

• Stablecoin Standard’s new global standards have been endorsed by several prominent stablecoin issuers, such as GMO-Z.com Trust Company, StraitsX, and BiLira, which provide access to G10 currencies like JPY, SGD, TRY, and USD.
• The initiative has also received support from leading entities in the ecosystem, including Fireblocks, Bitstamp, Zodia Markets, and JST Digital.

Stablecoin Standard, the global industry body for stablecoin issuers, has announced that its recently established set of global standards has garnered endorsements from key stablecoin issuers and ecosystem participants. Notable supporters include Archblock, BiLira, Bitstamp, GMO-Z.com Trust Company, JST Digital, Fireblocks, Solana Foundation, StraitsX, and Zodia Markets, indicating a new era of collaboration and standardization within the stablecoin sector.

The standards were unveiled by Beth Haddock, Global Policy Lead at Stablecoin Standard, during the Annual Flagship Event held in Singapore. They aim to enhance operational resilience, transparency, and consistent issuer commitments on a global scale. Developed by Stablecoin Standard’s Policy Working Group, the standards are designed to be high-level yet actionable, accommodating ongoing market innovations.

Beth Haddock expressed her thoughts on the endorsements, stating, "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. This milestone sets a strong foundation for the continued evolution of the ecosystem."

The endorsement of these standards sets the stage for a stablecoin ecosystem that emphasizes transparency, security, and consumer protection. As regulatory scrutiny increases and the demand for digital assets rises, unified standards can deliver clarity and assurance to both industry players and the general public. The Stablecoin Standard’s new framework aims to boost stablecoin adoption by enhancing confidence among consumers, regulators, and traditional financial institutions.

Ramy Soliman, Co-Founder of Stablecoin Standard, remarked, “The endorsement of our global standards by leading stablecoin issuers and ecosystem participants is a crucial step toward establishing a unified, trusted framework for the entire sector. These standards will lay the groundwork for long-term growth, transparency, and security as stablecoins continue to reshape digital payments."

Stablecoin Standard and its endorsing members are committed to refining these standards for widespread implementation, targeting industry-wide adherence by Q4 2025.

Endorser Remarks:

• Sinan Koç, Co-Founder and CEO of BiLira, stated, “As a stablecoin issuer, BiLira has always prioritized transparency, security, and adherence to high standards, which is why we proudly endorse the Stablecoin Standard’s new global standards. Our commitment to these principles is vital for fostering trust and stability in the evolving digital asset space."

• Ran Goldi, SVP Payments and Network at Fireblocks, added, "With numerous stablecoins issued on Fireblocks, we firmly believe that standards are essential for our ecosystem regarding interoperability and achieving instant liquidity anytime, anywhere. We endorse and stand with the Stablecoin Standard on this significant journey."

• Kenny Chan, Head of StraitsX, noted, “As a leading regulated stablecoin issuer in Asia, StraitsX is dedicated to maintaining the highest standards of transparency and operational resilience. We fully support the Stablecoin Standard’s new global standards, which are crucial for fostering greater trust in the stablecoin ecosystem and ensuring secure adoption by businesses and consumers worldwide."

About Stablecoin Standard

Stablecoin Standard is dedicated to establishing operational, transparency, and product-related standards for stablecoins. The organization aims to achieve industry-wide standards through sharing best practices, developing business use cases, forming industry-led working groups, and engaging with policymakers at various levels. Its ecosystem comprises over 30 advisory board members, industry partners, and issuers offering digital currencies across jurisdictions such as the U.S., EU, Singapore, Australia, and Turkey.