The global payment market has exceeded $1.9 trillion dollars, with emerging digital currency payment processors such as Bitpay, enabling payments in Bitcoin, entering the market as well. The WSA is currently supporting payment technologies powered by stablecoins and allowing consumers to pay stablecoins for goods from offline and online.
Currently, people experience high cost and long processing time when sending money abroad. The WSA is actively researching and partnering with stablecoin projects to facilitate digital remittance and rapid fiat on and off-ramp. The WSA currently focuses on digital remittance in Latin America and Southeast Asia.
Foreign Currency Exchange
The global FX market experiences $5 trillion dollars in daily trading volume. The WSA believes in using stablecoins to settle FX transaction to reduce costs and increase the processing speed of the transaction. The WSA is currently supporting various partners that are currently disrupting the FX market using stablecoins.