- BitGo has appointed a new executive.
- The appointee will lead BitGoโs U.S. dollar-pegged stablecoin.
- The stablecoin is expected to launch next year.
BitGo has appointed former Silvergate President Ben Reynolds as the managing director and head of its newly launched U.S. dollar-pegged stablecoin, USD Standard (USDS).
Founded in 2013, BitGo is a long-running crypto asset infrastructure provider offering various solutions, including trading, staking, custody, financing, and settlement out of regulated cold storage.
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The company, which dominates the wrapped Bitcoin market with its wBTC token, announced its USDS stablecoin on September 18, noting that it would be backed by short-duration T-bills, overnight repos, and cash to ensure high liquidity and low risk with real-time proof of reserves.
BitGoโs Head of USD Standard
In a press release on November 1, BitGo said Reynolds will leverage his extensive background in growing and scaling payment platforms to oversee USD Standardโs expansion and lead efforts to drive global adoption.
With 25 years of experience in fintech, software, banking, and asset management, Reynolds served Silvergate Bank as its SVP of Business Development, becoming the first employee serving the digital asset division.
He later became the bankโs president and scaled it to a public company in 2019. Reynolds was also credited for leading the creation and launch of Silvergate Exchange Network (SEN), a real-time payments platform that facilitated over $2 trillion in transactions.
โBenโs outstanding track record of developing and scaling transformative digital asset payment infrastructure and deep understanding of stablecoins will be a significant asset to us, particularly as we expand the USD Standard network,โ BitGo CEO Mike Belshe stated.
Reynolds welcomed the appointment, noting that his new role would contribute to a more accessible, resilient, and inclusive financial system.
BitGo said mid-September that the USD Standard stablecoin will be available in January 2025 with an โopen participationโ reward system to incentivize users and encourage widespread adoption.
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