Centre Consortium Working to Create ‘Global Network’ of Stablecoins
Centre, the consortium created by Circle and Coinbase around USD coin (USDC), has assembled a team of new executives to power its expansion overseas. The new team, comprising six new executives assembled by David Puth, CEO of Centre, will look to support new partners and add new alliances to keep the company growing in the future. One of the objectives of the new ensemble will be to create an interoperable global network of stablecoins.
Centre Consortium Expands Team to Create Stablecoin Network
Centre, the consortium behind the issuance of USD coin (USDC), reported it successfully hired six new members to expand its reach and create partnerships overseas to create a global, interoperable stablecoin network. David Puth, CEO of Centre, assembled this team in just nine months and expects to achieve connection with new partners and organize a new level of standards. Puth stated:
We assembled this team to ensure we have the right balance of talent to allow us to drive significant growth while maintaining the highest standards of integrity, compliance and trust.
The newly hired executives are John Shipman, chief commercial officer; Mark duBose, chief risk and compliance officer; Beth Zolkind, chief financial officer; Chad Richman, senior counsel; Jessica Gardner, business operations manager; and Kevin Mills, graduate project manager. All of them have extensive experience and have worked in firms like PwC, Circle, Fenwick & West, and SOM.
Launchpad to Expansion
The new team is considered a launchpad for the expansion of the company. Puth revealed that with the new hires, Centre aims to advance the idea of a global network of stablecoins, and that they are already doing it. He declared:
We have been working on building up partners overseas with whom we can ultimately connect interoperable stablecoins built to Centre standards in other countries similar to USDC.
He further revealed that Centre was already in talks with a couple of partners that were interested in launching two different stablecoins in the European region. USDC, the stablecoin issued by Centre, has experienced big growth this year, sitting at a market capitalization of $27.4 billion at time of writing, and one of its issuers, Circle, announced in July it will go public during the last quarter of this year.
However, USDC is still dwarfed by USDT, the leading stablecoin in the market issued by Tether, which currently boasts a market capitalization of $66 billion, and is present on several chains, including Ethereum and Tron. There are other important contenders in the stablecoin arena, too. Binance usd, dai, and terra usd complete the top 5 stablecoins ranked by market capitalization today.