USDC Issuer to Build a ‘Global Stablecoin Network’

The Circle-Coinbase consortium Centre has formed a team to extend the distribution of stablecoins based on its standards overseas.

“What this has really enabled us to do is respond directly to the community of users, both proactively and reactively.” CEO David Puth talked to @CoinDesk about Centre’s growth and future planshttps://t.co/njGFfyY0l3

— CENTRE (@centre_io) August 30, 2021

Six specialists joined the division. Among them:

• John Shipman (Chief Commercial Officer);
• Marc Dubois (Director of Risk and Compliance);
• Beth Zolkind (CFO);
• Chad Richman (Senior Legal Counsel);
• Jessica Gardner (Operations Manager);
• Kevin Mills (Graduate Program Lead).

The new staff bring experience from PwC Australia, Circle, Robinhood, Fenwick & West and Clearfield Capital.

We are looking for overseas partners with whom we will launch similar USDC stablecoins. We want to create a global network of stablecoins, said CEO David Puth in an interview with The Block.

Centre is prepared to invite processing companies and providers of financial services to collaborate. According to Puth, discussions have already begun.

Geographically, the consortium is eyeing Africa and Asia, where stablecoins could be used for transfers with low costs and delays.

Puth did not rule out issuing Centre stablecoins pegged to other fiat currencies.

We are currently discussing launching two stablecoins in Europe, the issuer’s CEO hinted.

The company plans to start its expansion in the Old World, doubling its staff.

Another area Centre sees potential is expanding support for blockchains, including second-layer solutions.

Currently the organisation’s USDC is issued on Ethereum, Algorand, Solana, Stellar and Tron. In the future the stablecoin will appear on Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks and Tezos.

There are also plans to integrate USDC into the NFT ecosystem as a means of payment.

Building the basic infrastructure that enables trading non-fungible tokens on marketplaces — a clear use case for us, said John Shipman.

In December 2020 Visa connected its global network to USDC. The company promised to issue a card enabling merchants to accept the stablecoin as a payment method.

In March 2021, Visa and the cryptocurrency service Crypto.com launched a pilot program to integrate settlements in USDC. In May, the same collaboration between the payments system and the stablecoin issuer was struck with fintech startup Tala.

Subscribe to ForkLog news on Telegram: ForkLog Feed — all the news, ForkLog — the most important news, infographics and opinions