A former senior employee at the United States encrypted exchange Coinbase has left the industry giant to join the state-owned TrustToken as a compliance officer, according to the company's official website on January 4.
Vaishali Mehta, whose LinkedIn profile indicates that he served just over a year as a senior compliance manager at the leading San Francisco-based stock exchange, joined TrustToken in December 2018.
The trust token is the issuer of TrueUSD (TUSD), which was listed at the top of the binance Binance exchange last May. The quote makes it a relatively early competitor among the growing number of new stablecoins that, according to tradition, are tied 1: 1 to the US dollar, all competing to compete with the leader of the Tether (USDT) leader.
Mehta's LinkedIn profile further describes his background as a head of the BSA / AML (Bank Secrecy Act) and onboarding at the offices of the Deutsche Bank in New York for a four-year term, in addition to the roles of compliance at the Japanese Sumitomo Mitsui Trust. Bank and India ICICI Bank, also in New York. Previously, he worked as a senior associate at the Big Four KPMG auditor for almost three years.
While Mehta's move bears witness to the growing importance of stablecoin projects in the cryptocurrency space, other Coinbase veterans have taken measures that also measure far-reaching changes in the sector.
In October, Adam White – the fifth employee of Coinbase – left the exchange for a new role at the Exchange digital asset platform Intercontinental Exchange (ICE), Bakkt. Speaking of his move at the time, White said he believed the new enterprise of ICE will be the catalyst for a change in the interest of the cryptocurrency from "retail to the institutional side".
This November, Mike Lempres, former head of the Coinbase policy, left the exchange to work with the pro-crypto investment giant Andreessen Horowitz.
As reported, along with Binance, other major cryptographic exchanges such as Huobi, Coinbase and OKEx quickly moved to list more fiat-collateralised stablecoin – USD Coin (USDC), Paxos (PAX), Gemini dollar (GUSD), as well as TUSD – on their platforms.
According to an analysis of the research firm Diar, published in December, all four of the stablecoins mentioned had broken the $ 5 billion mark in on-chain transactions in the three months prior to the publication of the study.