• Tue, 19 Nov 2019, 05:36 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Circle, Coinbase unveils 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) $8,163.16 (-3.12%)
  • Ethereum (ETH) $175.60 (-3.29%)
  • XRP (XRP) $0.251500 (-2.40%)
  • Bitcoin Cash (BCH) $240.05 (-6.26%)
  • Litecoin (LTC) $55.41 (-3.46%)
  • Bitcoin (BTC) $8,163.16 (-3.12%)
Nov 19, 2019 (Tuesday)
13:22
Crypto exchange Gemini acquires NFT platform Nifty Gateway
12:05
Weibo suspends accounts of Binance and Tron amid fresh crackdown of crypto businesses in China
12:01
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:00
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:03
Crypto Technicals: XLM/USD breaks below 50-DMA, hits 3-weeks low (0.0645), bias bearish
10:48
Binance unveils fiat-to-crypto gateway for Turkey
09:44
U.S. SEC to review Bitwise’s Bitcoin ETF proposal; Reason behind the revisit still unclear
09:39
Factom wins second DHS SVIP award to develop blockchain-based anti-forgery solution
08:51
Blockchain-based payment processor RadPay secures $1.2M in a series seed round
08:33
National Advisory Council urges FEMA to adopt blockchain tech to increase aid efficiency for disaster-stricken areas
08:28
Crypto Technicals: BCH/USD breaks 4H 200-SMA support, hits 4-week lows at 237.50, bias lower
07:18
Nomura’s joint venture ‘Boostry’ releases official webpage of its security token platform
07:16
Fledgling crypto money lending platform raises $25M led by Andreessen Horowitz
06:59
Crypto Technicals: ETH/USD ends consolidation, break below 50-DMA and rising volatility support downside
06:26
Indian state of Telangana to adopt blockchain tech to fight fraudulent academic certificates
06:06
Crypto Technicals: LTC/USD breaks below 50-DMA, bias strongly bearish
05:18
German airline successfully uses first blockchain-powered tickets
05:15
SBI Ripple Asia, SBI Remit launch first Japan-Vietnam money transfer service using distributed ledger technology
04:45
Crypto Technicals: BTC/USD finds strong support at 55W EMA (7952), consolidation likely before next leg lower
04:10
Cashaa to cater U.S. crypto businesses; Account set-up fee is around $1,500
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft