Circle and Coinbase Open CENTRE Stablecoin Network to New Members

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 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.

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.

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.

Members of the network will need to jointly contribute to the development of the CENTRE technical standards and open source software that support its protocols.

No other partners beyond Coinbase and Circle are currently attached to the project, said a Circle spokesperson.

For those passing the high bar that's been set, CENTRE's issuing members will have the option to generate returns on reserve assets allocated to them, as well as create revenue by developing financial products and services based on CENTRE stablecoins.

CENTRE plans to grow its stablecoin support beyond the U.S. dollar, introducing new options across "Leading global reserve currencies." It will also add new issuers and reserve custodians for these currencies.