BitGo appoints ex-Silvergate president to oversee reward-bearing stablecoin

BitGo has appointed Ben Reynolds, former president of Silvergate Bank, as chief executive to lead stablecoin USD Standard.

Global crypto custody company BitGo announced the appointment of Reynolds to oversee the growth and global adoption of its recently launched USD Standard stablecoin.

Reynolds has more than 25 years of experience in fintech and banking, most recently as president of Silvergate Bank, a bank facing serious financial challenges in early 2023, the Palo Alto-based company said in a press release on Friday, Nov. 1. He said he did it. FTX collapse in November 2022.

In his new role, Reynolds will lead USD Standard’s expansion. BitGo added that Reynolds’ “deep understanding of stablecoins will be a significant asset to us.”

BitGo invests heavily in stablecoins

BitGo introduced stablecoin USD Standard in mid-September, which includes rewards for institutions that provide liquidity to the ecosystem. Key features of USD Standard include 1:1 USD support for short-term Treasury bills, overnight repos, cash, and real-time proof of reserves for transparency.

The move comes as BitGo, which has a dominant 96.6% market share in the Wrapped Bitcoin market with its wBTC token, faces increasing competition from new entrants such as Coinbase and Kraken.

Reynolds expressed excitement about the opportunity, highlighting BitGo’s commitment to security and operational excellence. “With USD Standard, we have a chance to redefine what a stablecoin can be. “This is about creating a financial system that is more accessible and resilient for everyone,” he said.