Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 10-9-24
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LEADING STABLECOIN ISSUERS & CRYPTO FIRMS EMBRACE INTERNATIONAL SET OF STABLECOIN STANDARDS
London, United Kingdom, October 9th, 2024, Chainwire
▪️Stablecoin Standard’s newly introduced set of global standards receives endorsement from a number of stablecoin issuers, including GMO-Z.com Trust Company (‘GMO Trust’), StraitsX and BiLira, that offer G10 currencies including JPY, SGD, TRY & USD
▪️Standards also endorsed by top ecosystem participants including Fireblocks, Solana, Bitst,amp, Zodia Markets and JST Digital
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.
Among those who have endorsed are Archblock, BiLira, Bitstamp, GMO-Z.com Trust Company (‘GMO Trust’), JST Digital, Fireblocks, Solana Foundation, StraitsX and Zodia Markets, signaling a new era of cooperation and standardization within the stablecoin industry.
The standards, announced by Beth Haddock, Global Policy Lead at Stablecoin Standard, at the Annual Flagship Event in Singapore, were designed to promote operational resilience, transparency and consistent issuer commitments globally.
Stablecoin Standard’s Policy Working Group created the high-level standards that are both general and actionable, while being sensitive to the innovation in the market.
Beth Haddock, Global Policy Lead at Stablecoin Standard, commented on the endorsements: “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, 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.
Ramy Soliman, Co-Founder of Stablecoin Standard, commented on the endorsements:
“The endorsement of our global standards by leading stablecoin issuers such as, BiLira and ecosystem participants, including industry leaders like Solana, Zodia Markets and JST Digital, is a vital step toward establishing a unified, trusted framework for the entire sector.
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 plan to continue refining these standards for implementation with the goal of achieving 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 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.
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Source: Crypto News Flash
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CHINA STRENGTHENS RUSSIA PARTNERSHIP VIA BRICS AND SCO COOPERATION
China has reaffirmed its commitment to closer relations with Russia through major international platforms like BRICS and the Shanghai Cooperation Organization (SCO).
At an event celebrating 75 years of diplomatic relations, State Councilor Shen Yiqin emphasized China’s readiness to bolster international cooperation and multilateral partnerships, especially within the Global South.
China Reaffirms Strategic Commitment to Russia on 75th Anniversary of Diplomatic Ties
Chinese State Councilor Shen Yiqin reaffirmed China’s commitment to closer ties with Russia through platforms like BRICS and the Shanghai Cooperation Organization (SCO) at an event marking the 75th anniversary of diplomatic relations between the two nations. Speaking at the Russian embassy in Beijing, Shen emphasized China’s readiness to enhance international cooperation. She said:
We are ready to proudly carry the banner of multipolarity, defend international equity and justice, increase cooperation within international platforms, BRICS and SCO in particular, unite the Global South, and contribute to forming a community with a unified course for humanity.
Shen’s remarks highlighted China’s dedication to building stronger multilateral ties. She also spoke of the strategic importance of continued collaboration with Russia, noting that the two countries are united in their efforts to further deepen their partnership. Shen noted:
We will pursue deepening full-scale cooperation with our Russian friends for the good and in the interests of the national revitalization of the two countries in accordance with the top-level agreements within the context of the celebration of the 75th anniversary of the establishment of diplomatic ties and the Years of Culture.
The Chinese leader also recalled the recent exchange of congratulatory messages between President Xi Jinping and President Vladimir Putin, affirming both nations’ commitment to stronger bilateral relations.
@ Newshounds News™
Source: Bitcoin News
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Source: Seeds of Wisdom Team RV Currency Facts
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