CENTRE Stablecoin Network up and running

The CENTRE Consortium announced on 13 June that it was opening up for broader membership and industry participation.

CENTRE commenced by informing that late last year, Circle and Coinbase jointly announced the formation of the CENTRE Consortium. Incidentally was also the launch of its first stablecoin, the US Dollar Coin (USDC). CENTRE continued that since then, Circle and Coinbase have been working to establish the CENTRE Network. CENTRE added that becoming a member of the CENTRE Network gives institutions the right to issue or redeem USDC.

CENTRE while elaborating on salient aspects added –

“The CENTRE Consortium has been established with several key functions: onboarding new members, performing key compliance reviews, and administering certain key financial and accounting tasks that govern reserves and settlement flows. The Consortium and it’s members also play a vital role in governing the future technology development and roadmap for CENTRE Network protocols.”

CENTRE clarified that to become a stablecoin issuer, companies must become parties to and meet some criteria. These criteria briefly include Licensing, Compliance, Technology and Operations, Custody of fiat reserves and Accounting. CENTRE highlighted that since its launch, USDC has grown considerably. Of the notable highlights, over 795 million U.S. dollars of USDC had been issued, and over 470 million U.S. dollars redeemed.

CENTRE sustained by adding about the investment policy. CENTRE members are subject to a common Investment Policy. Amongst the policies, CENTRE’s Board of Managers would be responsible for the governance and control framework. Insight was also provided about establishing responsibility, authority, and guidelines for the investment across issuers. Lastly, mention was made to limiting the investment options to approved institutions.

Recently CENTRE shared insight that USD Coin (USDC) has seen significant growth in the last few weeks, with leading projects in the Decentralized Finance (DeFi) sector announcing support, just as the US Dollar-backed stablecoin surpassed 10 billion U.S. dollars in on-chain transfers.

CENTRE wrapped about highlighting on its roadmap. CENTRE thinks of new standards for money on the internet which enable money to work the same way that information works online . Such features are being instant, global, open, and free to use and exchange. CENTRE envisions a global economic transformation that is made possible by customizable money. Businesses and people would be able to enter into many economic arrangements with anyone in the world easily and safely. The digital currency age aims to make the movement of funds accessible and free for everyone. This is in a bid so that more people and businesses could participate in economic activity and value exchange.