Coinbase and Circle announced the expansion of the Center consortium. This will allow other companies to issue USDC

Coinbase, the largest US cryptocurrency company and Bitcoin startup Circle, intend to expand the consortium Center, created to support and promote the steakcoin ecosystem USDC. This means that from now on, third-party companies can join the organization.

CENTER is open for business!

You're inviting broader membership and industry participation. Read more on the criteria for the development of a roadmap. https://t.co/BTfOmFEm8t

– CENTER (@centre_io) June 13, 2019

So, these companies will be able to independently issue USDC tokens, earn on security reserves, and also receive income from the provision of financial services based on steklkoinov from the Center.

However, for this, potential participants must meet a number of criteria:

• a license to provide financial services in its jurisdiction;
• compliance with AML regulations in its jurisdiction and FATF requirements;
• consent to regular independent audits;
• compliance with the technical and operational requirements of the Center protocols;
• approved by financial partners Center custodial policy (for fiat reserves);
• consent to the reporting of reserves.

Center members should also jointly develop technical standards and open source software for the operation of the Center Network protocol (currently USDC).

At the same time, the Center said that since the launch of USDC, coins worth more than $ 795 million were issued, and bought back – by $ 470 million. The total trading volume of the token on bitcoin exchanges was $ 11.9 billion. 1 billion were transferred to onchain.

The consortium plans to create a “new global digital currency”, provided with a basket of various national currencies, as well as Bitcoin. In addition, USDC should be issued not only on the Ethereum blockchain, but also on other networks, including private ones, to increase interoperability, representatives of the organization say.

So far, only Circle and Coinbase are in the consortium.

Recall Center was established in October last year.

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