Copy link
Increase text size
Decrease text size
Link copied

Circle, Coinbase unveil their new CENTRE stablecoin network

Tue, 25 Jun 2019, 06:38 am UTC

Cryptocurrency firms Circle and Coinbase are joining forces to make money as easy to move around the world as internet data and content through their new Stablecoin Network called CENTRE.

The CENTRE Network is a “membership-based framework and governance scheme for the development and growth of money on the internet,” a joint press release noted. The network aims to enable cryptocurrencies to function across multiple blockchains, including both public and private chains.

Ultimately, we foresee a global economic transformation that is made possible by programmable money,” the announcement stated.

People and businesses will be able to enter into diverse economic arrangements with anyone in the world easily and safely. The global digital currency age aims to make the movement of value accessible and free for everyone on the planet so that more people and businesses can participate in economic activity and value exchange.

CENTRE will enable disparate blockchains to “benefit from a common interoperable fiat stablecoin for major cryptocurrencies that is anchored in a full reserve, transparent, and compliant governance scheme,” CENTRE said on its Medium article.

CENTRE aims is to allow developers and blockchain protocol projects to build CENTRE implementations on their blockchain.

However, there are some rules to follow. Members of the network will be required to contribute jointly to CENTRE’s technical standards and open source software. They also need to be licensed and regulated in the area of electronic money services in the jurisdictions they operating.

Meanwhile, CENTRE issuers who pass the high standards can generate returns on reserve assets allocated to them and create revenue by developing financial products and services based on CENTRE stablecoins.

So far, more than $795 million in CENTRE’s first stablecoin USDC has been issued and over $470 million redeemed. Furthermore, a staggering $11.9 billion has been traded on over 40 crypto exchanges including Coinbase, Poloniex, Binance, and Bitfinex.

CENTRE is planning to expand its stablecoin support beyond the U.S. dollar by introducing new currencies to its network, targeting leading global reserve currencies. Once realized, the CENTRE ultimately imagines a “new global digital currency” that is backed by a basket of future reserve currency stablecoins.

The combination of these global digital currency tokens and open, permissionless public blockchains with smart contract infrastructure will form the foundation for a 21st century digitally-native global economy that empowers people everywhere to participate and grow value,” the firm concluded.

The partnership was revealed after Circle recently ended its support for its mobile app Circle Pay to focus on developing new crypto financial services.

Elsewhere, Coinbase recently revealed that its cryptocurrency payment processor Coinbase Commerce now supports the dollar-pegged stablecoin USD Coin (USDC).

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,469.04 (+1.61%)
  • Ethereum (ETH) $164.03 (+2.28%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $328.66 (+6.06%)
  • Bitcoin SV (BSV) $270.28 (+3.96%)
  • Bitcoin (BTC) $8,469.04 (+1.61%)
Jan 24, 2020 (Friday)
12:24
Ripple CEO Brad Garlinghouse hints at the possibility of IPO
11:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:50
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:37
Japan ruling party lawmakers to propose digital yen in February: Report
11:00
Hackers becoming more sophisticated as crypto exchanges bolster security measures: Chainalysis
10:24
Crypto Technicals: XRP/USD slips below 21-EMA, more weakness to follow
10:23
Tether launches new stablecoin backed by physical gold
09:49
Crypto exchange ErisX partners with Etale to offer new trading features
09:23
World Economic Forum launches blockchain-based supply chain traceability platform
08:17
Crypto Technicals: LTC/USD holds above 51 mark, finds strong support at daily cloud
07:36
Liechtenstein's Financial Market Authority approves ethereum-based real estate tokenized fund
06:57
Greece to extradite alleged BTC-e operator Alexander Vinnik to France after supreme court ruling
05:26
Agribusiness blockchain initiative Covantis selects ConsenSys as technology partner
04:44
Crypto exchange Binance invests in blockchain startup Numbers
04:24
Crypto Technicals: ETH/USD holds above 21-EMA and cloud support, further weakness on charts
04:23
Indian IT firm Mphasis to develop blockchain privacy-enhancing tech solutions with QEDIT
04:04
Crypto Technicals: BTC/USD extends weakness, eyes next major support at 110-EMA (8134)
Jan 23, 2020 (Thursday)
13:26
Amun lists inverse bitcoin ETP on SIX Swiss Exchange
12:32
World Economic Forum creates framework to help central banks design and deploy CBDC
11:52
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft