Eye Consortium, the company behind USD Coin (USDC), has hired old State Street and JPMorgan Chase executive David Puth as its new CEO.

Eye made the announcement early Tuesday in a Medium post that praised Puth for his leadership credentials. The new hire will help Eye aggrandize its global partnerships beyond the fintech, crypto and traditional fiscal services industries.

Puth said that he is excited to exist joining Centre "at this disquisitional time in the industry," adding:

"The growth of USDC over the course of 2020 is indicative of what I expect volition be the path for Eye business organization activities and that of hereafter Center-supported stablecoins."

Prior to joining Centre, Puth served in several leadership capacities at R3, CLS Group, State Street and JPMorgan.

Puth is one of many Wall Street veterans trickling into digital asset direction as blockchain adoption continues to spread across the early adopter stage. A similar trend is occurring on the investor side, with major institutions expressing interest in Bitcoin and other digital assets.

Centre's USD Coin was developed by Circle and Coinbase to assistance in crypto adoption. With a marketplace capitalization of just nether $three billion, USDC is the second-largest stablecoin behind Tether.

Stablecoins are likely to serve an ever-growing function as blockchain and traditional finance continue to merge. Centre says information technology maintains "full reserves of the equivalent fiat currency" that is used to back the USDC stablecoin.

At printing time, the total market cap of all stablecoins was just under $25.3 billion.

Beyond stablecoins, Heart said digital assets and blockchains are "heralding the most significant transformation of the international budgetary arrangement since the formation of the Bretton Forest organisation more than than 75 years agone."