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BitGo has appointed Ben Reynolds, former president of Silvergate Bank, as managing director to lead its stablecoin USD Standard.
Global crypto custodian firm <a href="https://crypto.news/tag/bitgo/" target="_blank" rel="noopener noreferrer nofollow">BitGo</a> announced Reynolds’ appointment to oversee the growth and global adoption of its recently launched USD Standard stablecoin.
In a Friday <a href="https://www.businesswire.com/news/home/20241101635344/en/BitGo-Appoints-Former-Silvergate-President-Ben-Reynolds-to-Lead-USD-Standard-Stablecoin" target="_blank" rel="noopener noreferrer nofollow">press release</a> on Nov. 1, the Palo Alto-headquartered firm said Reynolds brings over 25 years of experience in fintech and banking, most recently serving as president of <a href="https://crypto.news/tag/silvergate/" target="_blank" rel="noopener noreferrer nofollow">Silvergate</a> Bank, a bank that faced <a href="https://crypto.news/silvergate-ceo-and-top-execs-to-depart-amid-banks-wind-down/" target="_blank" rel="noopener noreferrer nofollow">severe financial difficulties</a> in early 2023 following the <a href="https://crypto.news/ftx-files-for-chapter-11-bankruptcy-taking-down-about-130-companies-with-it/" target="_blank" rel="noopener noreferrer nofollow">collapse of FTX</a> in November 2022.
In his new role, Reynolds will drive the expansion of USD Standard. BitGo added that Reynolds’ “deep understanding of stablecoins will be a significant asset to us.”
<h2 class="wp-block-heading" id="bitgo-bets-big-on-stablecoins">BitGo bets big on stablecoins</h2>
BitGo <a href="https://crypto.news/bitgo-to-enter-stablecoin-territory-with-usds-token/" target="_blank" rel="noopener noreferrer nofollow">unveiled</a> its stablecoin, USD Standard, in mid-September, featuring rewards for institutions that provide liquidity to the ecosystem. Key attributes of USD Standard include a 1:1 U.S. dollar backing through short-duration Treasury bills, overnight repos, cash, and real-time proof-of-reserves for transparency.
The move came as BitGo, which&nbsp;<a href="https://dune.com/hashed_official/btc-on-ethereum" target="_blank" rel="noopener noreferrer nofollow">holds</a>&nbsp;a dominant 96.6% market share in the Wrapped Bitcoin market with its wBTC token, faces increasing competition from new entrants like <a href="https://crypto.news/coinbase-launches-cbbtc-a-wrapped-bitcoin-token/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> and <a href="https://crypto.news/kraken-announces-its-own-wrapped-bitcoin-on-ethereum/" target="_blank" rel="noopener noreferrer nofollow">Kraken</a>.
Reynolds expressed enthusiasm for the opportunity, emphasizing BitGo’s commitment to security and operational excellence. “With USD Standard, we have the chance to redefine what a stablecoin can be. This is about creating a more accessible and resilient financial system for everyone,” he stated. 
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/bitgo-launches-unified-token-management-solution-for-protocols/"> BitGo launches unified token management solution for protocols </a>

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

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