Coinbase and Circle have announced the launch of their joint enterprise CENTRE Consortium. The activities of the consortium dedicated to the development of a legal framework and standards for the treatment of Fiat money on the Internet and finding and connecting members of the network consortium to build a real application stabilio, backed by Fiat currencies. This is in the official blog Circle announced the company co-founders Jeremy Allaire (Jeremy Allaire) and Sean Neville (Sean Neville).
As the first product CENTRE will expand the range USD Coin — stabilini Circle, which appeared on the market a month ago. In the framework of the agreement between Circle and Coinbase, the asset will be traded on Coinbase and Coinbase Pro. com:
“Customers can exchange dollars [US] into tokens and bring USDC USDC currency using Coinbase or Circle; thus, USD Coin can be considered the first open, interchangeable and interoperable stabilium secured Fiat currency”.
The total stock USDC — and later, and other assets that will work the CENTRE determined by the Council of issuers that are members of the consortium. Stocks of assets stabilini will be kept in separate escrow accounts. Release tokens will be held by permission of the agent.
In his post, Allaire and Neville also cited a number of reasons why the consortium will work with stablename. According to businessmen, stabilini, tied to quotations of monetary assets, “provide infrastructure necessary to create an open financial system.” In particular, the founders’m assuming there Circle the dual function of such digital assets as a means of exchange with a stable value, and the tokens that can be used to activate the smart contract, or for other decentralized protocols.
Over the next months, the CENTRE hopes to establish cooperation with many other issuers stabilio. In addition, the organization will soon be publishing a guide for members of the consortium, as well as a more detailed long-term plan of technical development.
The exact geographical coverage of the market CENTRE remains unknown. Likely, the company will be able to obtain a work permit in the state of new York: today a subsidiary of the Coinbase, one of the companies-the founders of the group, received a license to provide custodial services for cryptocurrency investments on the territory of this state. The financial Supervisory agencies of new York are considered the most strict and demanding in USA against cryptocurrency companies and projects.