The Centre Consortium, a joint venture focused on adoption of the USD Coin stablecoin, has announced the appointment of David Puth, a Wall Street veteran, as its new Chief Executive Office.
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As Centre's CEO, Puth will focus on expanding the consortium globally, an official announcement says. Puth will be working on including leading fintechs and financial institutions into its network. He will also lead the effort to support the adoption of USDC on various blockchain networks.
Puth says the growth of USDC in 2020 "is indicative" of what he expects will be the path for Centre business activities and that of future Centre-supported stablecoins.
"I could not be more enthused about joining Centre at this critical time in the industry," Puth added.
Prior to the Centre Consortium, Puth served as Chief Executive Officer of CLS Group. Puth was also a member of the Foreign Exchange Committee, sponsored by the Federal Reserve Bank of New York, which he chaired from 1992 to 2002.
He also has 19 years at JP Morgan Chase where he served on the Executive Committee and at State Street, where he was part of the bank’s senior most Operating Committee.
In August 2020, the consortium announced an upgrade to the USD coin (USDC) protocol and smart contract. With the new update, the USDC smart contract obtained an additional layer of security infrastructure.
The upgrade includes the so-called "gasless sends" feature, which allows wallet developers to delegate the payment of the gas fees on the Ethereum blockchain network to another address.
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