(BlockBar) Cryptocurrency firms Circle and Coinbase are making efforts to make money as easy to move around the world. According to them the moving of money across the globe should be as easy as internet data and content. The two firms have been working to build and finalize a “membership-based framework and governance scheme for the development and growth of money on the internet.”
According to Circle, “Ultimately, we foresee a global economic transformation that is made possible by programmable money. 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.”
The scheme is known as CENTRE. It aims to enable crypto assets to function across multiple blockchains, both public and private. For major currencies that is anchored in a full reserve, transparent and compliant governance scheme the blockchain would benefit from a common interoperable fiat stablecoin.
The CENTRE is building standards that aims to work with a diverse ecosystem of chains. It aims to enable developers and blockchain protocol projects to build CENTRE implementations on their blockchains.
Co-founder and CEO of Circle, Jeremy Allaire said, “Circle and Coinbase are advancing a vision to make the movement of value more accessible and transparent, empowering more people and businesses around the world to participate in economic activity and value exchange.” To be noted, the embers of the network will need to jointly contribute to the development of the technical standards and open source software of CENTRE that support its protocols.
According to the firm, so far more than $795 million stablecoin has been issued in CENTRE’s first stablecoin USDC. Over $11.9 billion has been traded on over 40 supporting exchanges which are Binance, Bitfinex, Coinbase, and Poloniex. It is worth noting that the CENTRE plans to grow its stablecoin support beyond the U.S. dollar by introducing new options across “leading global reserve currencies.” It will also add new issuers and reserve custodians for these currencies.