Goldman Sachs veteran Craig Broderick joins Circle's board

Quick Take

  • Stablecoin issuer Circle appoints former Goldman Sachs executive Craig Broderick to its board of directors.
  • Broderick spent more than 30 years at Goldman Sachs including serving as the investment banking giant’s chief risk officer.

Circle Internet Financial, the issuer of the USDC stablecoin, has appointed former Goldman Sachs executive Craig Broderick to its board of directors. 

Broderick worked for Goldman Sachs for more than three decades, which included serving as the investment bank's chief risk officer. In that role, part of Goldman Sach's management committee, he also served as co-chair of the "Firmwide Risk Committee along with other control-related committees," according to a statement announcing the appointment. 

During his long Goldman Sachs career Broderick also oversaw various areas including "credit, market, liquidity, operational, model, counterparty and insurance risks," the statement also said.

Circle bolstering risk management 

While risk management in stablecoin issuance is important for many reasons, it is especially crucial for ensuring price stability and complying with regulations.

"Strong risk management is essential to Circle's efforts to make USDC the safest, most trusted and transparent digital dollar on the internet," Jeremy Allaire, co-founder and CEO of Circle, said in the statement. "Craig's deep knowledge and experience as the long-time risk management leader for one of the world's largest and most successful financial institutions will be an important asset as we continue advancing our regulatory-first business approach."

Broderick's appointment comes on the heels of Circle hiring former Commodity Futures Trading Commission chairman Heath Tarbert as chief legal officer and head of corporate affairs earlier this month. Circle recently also received its Major Payment Institution license in Singapore for digital payment token services as it eyes growth in Asia. "We see enormous demand for digital dollars in emerging markets and Asia is really center of that," Allaire said earlier this week.

Circle's USDC is the second largest stablecoin in the market, behind Tether's USDT, with a total supply of over 26 billion tokens, according to The Block's Data Dashboard.

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