USDC go from $3 billion to more than $27 billion. To build on this momentum, Centre will be onboarding not just additional staff, but will also soon be opening up membership in the Consortium to eligible organizations.

Puth spent 19 years at J.P. Morgan where he served in a variety of senior global leadership roles with oversight of the bank’s interest rate derivatives, FX, commodities and emerging markets businesses. He also served as a member of the JPMorgan Chase Executive Committee and the Investment Bank Management Committee. He then went on to lead CLS, the systemically important financial market utility, the world’s largest multi currency cash settlement system.

“The growth of USDC and the opportunity for Centre to play a larger role in changing the global financial landscape is truly extraordinary,” said Jeremy Allaire, co-founder and CEO of Circle.

Circle & Coinbase Partner Up For a Better Stablecoin, But There’s a Catch

On Tuesday, both companies announced the CENTRE Consortium, a joint venture that aims to speed up adoption of cryptocurrencies backed by actual fiat currencies like US dollars.

In May, Circle launched its own US dollar stablecoin, called USD Coin (USDC). The $3 billion fintech startup has made a series of deals and announcements in a long-term bet that, despite the bear market, the crypto economy will persevere. The USD Coin was one of those bets, and it will be on Coinbase’s wallet today, the San Francisco exchange announced.

It is Coinbase’s first ever listed stablecoin.

Circle’s USDC is meant to represent a single U.S.

After centre circle coinbase usbrownecnbc

Coinbase and Circle Opened Doors to New USDC Issuers

News came out of Centre Consortium today, the joint venture of crypto giants Circle and Coinbase – the stablecoin network is now open for industry participation and broader membership.

As a reminder, in October 2018, Circle and Coinbase partnered up and formed the Consortium, but also launched their first stablecoin, the US Dollar Coin (USDC). Since its establishment, the Consortium has been working “to formalize and establish the Centre Network: a membership-based framework and governance scheme for the development and growth of money on the internet”, they state.

Today, they’ve made another step towards that goal as institutions can become members of the Network and get the right to issue or redeem USDC.

Jessica worked in institutional development before joining global architecture firm SOM and, more recently, Clearfield Capital.

  • Kevin Mills, Graduate Project Manager
    • Since joining Centre, Kevin has made material contributions in a number of key areas, taking on project management and research roles in major initiatives. Kevin is currently pursuing his MBA at MIT’s Sloan School of Management where he is a leader in the blockchain community after several years in tech-focused strategy consulting and institutional investment management.
  • To learn more about Centre, visit

    About Centre

    Centre, founded by Circle and Coinbase, is the first stablecoin standards organization, providing a regulatory and operational framework for fiat-backed stablecoin issuance.

    Coinbase recently announced that it would allow the trading of the currency on its platform, marking the first time the digital exchange has ever supported a stable coin since it first came to fruition six years ago. Representatives describe USD Coin as “fundamentally different” from other stable coins. They also explained in a blog post:

    “We see USDC as a major step towards a more open financial system.
    The advantage of a blockchain-based digital dollar – like USDC – is that it is easier to program, send, use in apps, and store locally than traditional U.S. dollars.”

    What Will the Future Hold?

    Allaire recently commented that he’s not sure the future of finance even lies in bitcoin’s hands, despite what several evangelists and enthusiasts claim.

    Crypto giants Coinbase and Circle are teaming up to form a joint venture known as the “CENTRE Consortium,” a platform devoted to the mainstream adoption and development of stable coins.

    Stable coins are growing in popularity because they are allegedly tied to fiat currencies like USD. Most of the time, fiat money is protected against inflation and other economic problems through government regulations, and to have cryptocurrencies tied to these monies is said to provide a lot of stability in the cryptocurrency market.

    Many institutional investors have shown reluctance to get involved in the cryptocurrency space due to the volatility of entities like bitcoin and ether, which have been trapped in relatively bearish conditions since the start of 2018.

    The addition of new, experienced leaders at Centre will help support continued USDC adoption and trust in the marketplace, while harmonizing governance and our open technology roadmap.”

    In his first nine months as CEO of Centre, Puth has brought on six new team members including:

    • John Shipman, Chief Commercial Officer
      • Upon joining Centre, John will drive the expansion of Consortium’s network of partners and potential members around the world. Joining from PwC Australia, John has run their global cryptocurrency business as well as Financial Markets Consulting for South East Asia.

    She is responsible for the financial management of Centre’s accounts, ledgers and reporting systems, working closely with the CEO and Consortium members to advise on budgetary decisions and ensure financial soundness.

  • Chad Richman, Senior Counsel
    • As Senior Legal Counsel, Chad oversees Centre’s legal operations, weighing in on regulatory matters and Centre standards. With a breadth of blockchain experience, Chad joins Centre from Fenwick & West, where he was a key member of their blockchain practice. Chad previously had roles in the tax and financial institutions groups at Davis Polk & Wardwell.
  • Jessica Gardner, Business Operations Manager
    • Jessica brings a diverse background to Centre to support the team as Business Operations Manager.
  • Coinbase echoed this sentiment, calling the USDC ‘a major step towards a more open financial system,” Coinbase wrote in a blog post.

    “The advantage of a blockchain-based digital dollar – like USDC – is that it is easier to program, send, use in apps, and store locally than traditional US dollars.”

    The new partnership was met with some criticism on social media, however, with commentators pointing out that USDC is a centralized token where the users are never in control, unlike Bitcoin.

    Just so everyone is aware, there is a backdoor in the USDC stablecoin launched by @coinbase today which allows any address to be blacklisted and funds frozen.

    John has worked on stablecoin projects since 2015 including Barclays, Monetary Authority of Singapore, Standard Chartered Bank amongst others, as well as advising CBDC projects in the UK, SGP, South Africa, Indonesia.

  • Mark duBose, Chief Risk and Compliance Officer
    • Mark joins Centre from Consortium member Circle. He brings deep expertise in the fields of compliance and risk management and will advise on the development of membership governance and Centre standards and policies. Mark draws on his legal and investment banking experience to build out and right-size risk and compliance standards.
  • Beth Zolkind, Chief Financial Officer
    • Beth joins Centre after 13 years as CFO of the Robin Hood Foundation in New York.
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