BitGo has brought on board Ben Reynolds, the former president of Silvergate Bank, to take charge of their stablecoin business on November 1. With over 25 years of experience in fintech and banking, Reynolds is set to lead the development and expansion of BitGo’s USD Standard stablecoin globally.
After his successful tenure at Silvergate, Reynolds is expected to drive the widespread adoption of BitGo’s stablecoin. Despite the challenges faced by Silvergate Bank, including liquidation and closure following the FTX collapse in 2022, Reynolds played a pivotal role in scaling the bank to a public company. He was instrumental in launching the Silvergate Exchange Network (SEN), a real-time payment platform that processed over $2 trillion in payments, enhancing transaction efficiency in web3.
While Reynolds was not directly involved in settlement processes at Silvergate, he was responsible for building the SEN. His vast experience from companies like HSBC and KPMG, coupled with his educational background in Accounting from San Diego State University and an MBA from Pepperdine University, positions him as a strong leader for BitGo’s stablecoin business.
BitGo’s USD Standard stablecoin, launched in September, is backed 1:1 by the U.S. dollar and supported by highly liquid assets such as short-duration Treasury bills, overnight repos, and cash. The integration of real-time proof-of-reserves ensures transparency, attracting institutional players with incentives for providing liquidity within the ecosystem.
Following the success of Wrapped Bitcoin (wBTC), which holds a 96.6% market share, BitGo aims to propel its USD Standard stablecoin to the forefront of stablecoins. The company has announced plans to diversify its custodial jurisdictions for wBTC to locations like Singapore and Hong Kong, in collaboration with BiT Global and Tron CEO Justin Sun. However, concerns over Sun’s involvement have led risk management firm BA Labs to recommend pausing offboarding wBTC collateral, with a new proposal to be voted on October 3, citing BitGo’s commitments.
