BitGo Hires Ben Reynolds to Lead USD Standard Stablecoin Growth

Crypto custody firm BitGo announced on Friday that it has hired Ben Reynolds, former president of Silvergate Bank, to oversee the growth of its USD Standard stablecoin.

BitGo aims to launch USD Standard early next year. The USD-pegged stablecoin market has seen steady growth over the past year, with several key players entering the space. Notable companies like PayPal, Ripple, Revolut, and Robinhood are considering stablecoin launches, while Tether's USDT continues to dominate the market by capitalization.

Reynolds will focus on promoting the adoption of BitGo's USD Standard, described as "an open-participation stablecoin featuring a reward system that deploys earnings to participants who support the ecosystem."

Notably, Silvergate Bank liquidated and shuttered its operations last year, following a lawsuit from the U.S. Securities and Exchange Commission (SEC) over alleged false statements regarding its anti-money laundering practices. The SEC has also charged key former executives of the bank.

During his brief tenure at Silvergate, Reynolds was credited with building the Silvergate Exchange Network, though he had no involvement in settlements. After Silvergate suspended its exchange network, Reynolds's role at BitGo comes at a crucial time for the company's growth.

BitGo CEO Mike Belshe expressed excitement about Reynolds joining the team and highlighted his extensive experience in developing digital asset infrastructure.

Reynolds has previously worked with HSBC and the auditing firm KPMG.