Ethereum layer-2 (L2) network Celo has recruited a key talent to strengthen its global stablecoin business. Celo announced through its official Medium that it has appointed Dr. Markus Franke as its Global Stablecoin Lead.

Moving forward, Lead Franke will oversee the expansion of Celo's on-chain economy, as well as partnership building, new stablecoin issuance, and institutional adoption strategies, leading the ecosystem.

He is a former chief economist at cLabs, an early developer of Celo, and a key figure who was deeply involved in establishing the project's initial vision even before the launch of the Celo mainnet. Notably, he later served as the co-founder and CEO of Mento Labs, where he led the development of more than ten local currency-based stablecoins, including 'BRLm', a stablecoin pegged to the Brazilian real.