Circle chooses a bank to hold USDC stablecoin reserves

Article Reading Time:
1 min.

Circle Internet Financial Companyentered into an agreement with New York Community Bank to expand its customer base to people who are unable to access traditional financial services.

Circle and New York Community Bank (NYCB)are going to work together to create a strategy for introducing the USDC stablecoin and blockchain-based solutions into the banking payments industry. The bank will hold USDC reserves for the crypto company.

Executive Vice President of ParentNYCB, New York Community Bancorp, Andrew Kaplan believes that the bank and its new partner will organize educational seminars for clients to increase their awareness of digital assets.

“Through our partnership with NYCB, we are openingnew development paths for local banks across the country so that financial institutions can participate in the fast-growing digital asset market,” says Dante Disparte, director of strategic development and head of international policy at Circle.

Circle notes that NYCB has become one ofthe first local banks chosen by the company to hold USDC reserves. In April, a major federal bank, BNY Mellon, was selected to serve as the primary custodian of USDC reserves. The cooperation is aimed at conducting traditional payments in fiat currencies and exploring the potential of digital assets for making payments.

</p>

In June, Circle&nbsp;introduced&nbsp;newstablecoin Euro Coin, pegged to the euro. It will initially run on the Ethereum blockchain, with plans to add support for other blockchains by the end of the year.