Fireblocks joins a global industry body for stablecoin issuers as the new industry partner

Fireblocks recently joined Stablecoin Standard — the global industry body for stablecoin issuers. The company became Stablecoin Standard’s newest industry partner, with the goal of helping establish governance and security standards for stablecoin issuance.

The stablecoin market continues to grow

Stablecoins have grown to play a massive role in the crypto industry, being among the most used coins for the better part of the last decade. They are digital assets whose value is pegged to a specific asset or basket of assets. As such, they are immune to volatility, and typically, each coin in circulation is required to be backed in order for the stablecoin to maintain its price.

So, for USD-based stablecoins, each coin is backed by $1, allowing the coin to maintain this value. This is why they are often used as a safe haven during times of great volatility, when crypto prices are rapidly moving up and down, and traders face increased risk by sticking to regular cryptocurrency.

Stablecoins have also been found to be a great asset for making international payments and tokenized money transactions. They also help by reducing costs and increasing efficiency. On top of that, they are a crucial gateway and an on/off-ramp, acting as a bridge between crypto and fiat currencies.

Right now, the stablecoin market cap has grown beyond $151.5 billion, showing just how much they are being used by the global crypto community. Fireblocks sees great potential in the sector, and it hopes to offer its expertise to Stablecoin Standard to help establish comprehensive industry standards for this type of cryptocurrency.

Fireblocks has a long history with various types of blockchain

Fireblocks itself is renowned for building blockchain applications and managing digital asset operations. The company delivered over 10 stablecoin projects and is currently in active conversations with over 25 banks around the world who are exploring the concept of CBDCs and tokenized deposits.

In fact, Fireblocks expects for the value of tokenized money on the blockchain to skyrocket to $450 billion in the next two years. In the meantime, Stablecoin Standard plans to leverage Fireblocks’ expertise in the stablecoin sector and draw from its extensive experience regarding the deployment and securing smart contracts.

Fireblocks worked with over 70 chains, including private, public, and permissioned chains. Some of them belonged to the world’s largest financial institutions, such as the Bank of International Settlements (BIS), Tel Aviv Stock Exchange, and ANZ Bank.

Commenting on the move, Fireblocks’ SVP of Payments and Network, Ran Goldi, said that becoming a member of Stablecoin Standard aligns with Fireblocks’ mission of enabling every business to support digital assets easily and securely.

“We believe that all forms of money will be tokenized, and to make sure we are not creating a non-interoperable world, we need to put in the work, and collaborate as an industry on the fundamental standards moving forward,” he added.