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.
  • Bitcoin (BTC) $10,767.90 (-1.32%)
  • Ethereum (ETH) $358.25 (-1.06%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $228.33 (-1.43%)
  • Binance Coin (BNB) $28.62 (+6.75%)
  • Bitcoin (BTC) $10,767.90 (-1.32%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.