Central consortium, the company behind USD Coin (USDC), has hired former State Street and JPMorgan Chase General Manager David Puth as its new CEO.
Center made the announcement early Tuesday in a Medium post commending Puth for his leadership skills. The new hiring will help the center expand its global partnerships in the traditional financial services, crypto and fintech industries.
Puth said he was excited to join the center “at this critical time in the industry”, adding:
“The USDC’s growth over the course of 2020 shows what I hope will be the path for center trading and future center-based stablecoins.”
Prior to joining Center, Puth held various executive positions at R3, CLS Group, State Street and JPMorgan.
Puth is one of many Wall Street veterans moving into digital asset management as blockchain adoption continues to spread beyond the early adoption phase. A similar trend can be observed on the investor side, as large institutions are showing interest in Bitcoin and other digital assets.
The centre’s USD coin was developed by Circle and Coinbase to aid in the adoption of cryptocurrencies. With a market capitalization of just under $ 3 billion, USDC is the second largest stable coin after Tether.
Stable coins are likely to play an increasing role as blockchain and traditional finance continue to merge. The center has “full reserves of the appropriate fiat currency,” which are used in support of the USDC stablecoin.
At press time, the total market capitalization of all stablecoins was just under $ 25.3 billion.
Beyond stablecoins, Center said that digital assets and blockchains “heralded the most significant transformation of the international monetary system since the Bretton Woods system was founded more than 75 years ago.”