Center, co-founded by Circle and Coinbase, announces new team to build 'global network of stablecoins'

This article comes fromThe Block, original author: Yogita Khatri

Odaily Translator | Nian Yin Si Tang

Summary:

This article comes from

, original author: Yogita Khatri

Odaily Translator | Nian Yin Si Tang

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Summary:

- CEO David Puth said that with its team in place, the Center Consortium hopes to build a "global network of stablecoins".join inNew team of six includes C-level executives - John Shipman as Chief Commercial Officer, Mark DuBose as Chief Risk and Compliance Officer, Beth Zolkind as Chief Financial Officer, Chad Richman as Senior Legal Counsel and Jessica Gardner as Business Operations Manager, Kevin Mills serves as Graduate Program Manager. They have all joined Center in recent months and have previously worked at firms including PwC Australia, Circle, Robin Hood Foundation, Fenwick & West and Clearfield Capital.

With the core team in place, Center now hopes to build a “global network of stablecoins,” Centre’s CEO David Puth told reporters. "We have been working hard to establish overseas partners, and eventually we can connect other countries' interoperable stablecoins similar to USDC built according to the Center standard." He said.

Puth last December

join in

Centre, as its first CEO. He has held senior positions at JPMorgan and State Street, most recently as CEO of CLS Group, which provides foreign exchange settlement services. It is reported that CLS Group settles more than US$5 trillion in foreign exchange transactions every day.

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Center's plan

To achieve its global expansion plans, the Center seeks to partner with and extend its membership to financial services and payment processing companies. Puth declined to go into specifics, but said the Center would start recruiting new members later this year.

Centre’s focus is on partnerships in markets such as Africa and Asia, where stablecoins can move money with “little friction and low cost,” Puth said.According to The Block, USDC is currently the second-largest stablecoin by market capitalization, with a total supply of over $27 billion. The stablecoin’s supply has grown nearly 10-fold since December.According to Puth, the growth of decentralized finance (DeFi) activity on USDC has been “very strong” this year, leading to an increase in the stablecoin’s total supply. Going forward, Center plans to focus on more active use of USDC and other planned stablecoins as a form of payment.

Center is looking to launch stablecoins pegged to different fiat currencies. “Right now, we are working with several partners and are looking at two different stablecoins in the European region.”

To this end, Center will also announce new team members in Europe in the coming months, Puth further added, at which time the overall team will be twice the size of the current seven-member team.Chief commercial officer Shipman told The Block that as part of its expansion plans, Center also hopes to launch USDC on more blockchains, including Layer-1 and Layer-2 networks. USDC is currently available atfive blockchainsUsed on: Ethereum, Algorand, Solana, Stellar, and Tron.Center also plans to integrate USDC into the NFT ecosystem as a form of payment, Shipman revealed. “Building the underlying infrastructure to allow NFTs to be traded in the marketplace was an obvious use case for us,” he said.