Cryptocurrency firms Circle and Coinbase are a launching bold effort to make money as easy to move around the world as internet data and content.
In a press release sent to CoinDesk on Thursday, Circle said that, since the initial launch of the CENTRE consortium’s US Dollar Coin (USDC) stablecoin, the two firms have been working to build and finalize what it’s calling a “membership-based framework and governance scheme for the development and growth of money on the internet.”
More formally called the CENTRE Network, the scheme is envisioned as a provider of new open standards to facilitate this dream.
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.”
CENTRE aims to enable crypto assets to function across multiple blockchains, both public and private.
While blockchains may proliferate and compete across many different use cases, they would “benefit from a common interoperable fiat stablecoin for major currencies that is anchored in a full reserve, transparent and compliant governance scheme,” Circle said.
As such, CENTRE is building standards that will work with a diverse, open and heterogenous ecosystem of chains, aiming to enable developers and blockchain protocol projects to build CENTRE implementations on their blockchains.
Jeremy Allaire, Circle co-founder and CEO, told CoinDesk:
“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.”
There are caveats, however….