Coinbase and Circle cryptocurrency firms are making efforts to enable money to move quickly around the world. The two firms have given birth to CENTRE Network.

In a press release, Circle mentioned that since the initial launch of the CENTRE consortium uses Coinbase’s US Dollar Coin (USDC) stablecoin, the companies are working together to build and finalize a membership-based framework and governance scheme for growth and development of money on the internet.

CENTRE Network is a scheme envisioned as a provider of new open standards to facilitate the dream.

For 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.”

Circle continued to note that blockchains may compete and increase rapidly across many different use cases; they would benefit from a common interoperable fiat stablecoin for major currencies that is transparent, anchored in a full reserve and compliant governance scheme.

CENTRE is coming up with standards that will work with an open, diverse, and different ecosystem of chains, aiming to enable blockchain and developers protocol projects to build CENTRE implementations on their blockchains.

The members of the network will, however, jointly contribute to the development of the CENTRE technical standards and open source software to support its protocols.

Member firms will be regulated and licensed in the area of electronic money services in their operating jurisdictions. The members must also comply with regulatory requirements of where they operate and further meet the operational and technical requirements of the group’s protocol.

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