Circle chooses a bank to hold USDC stablecoin reserves

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Circle Internet Financial has entered into an agreement with New York Community Bank to expand its customer base to include people who cannot access traditional financial services.

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

Andrew Kaplan, executive vice president of NYCB parent company New York Community Bancorp, said the bank and its new partner will provide customer training workshops to increase awareness of digital assets.

“Through our partnership with NYCB, we are opening up new growth paths for local banks across the country to enable financial institutions to become part of the fast-growing digital asset market,” said Dante Disparte, director of strategic development and head of global policy at Circle.

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Circle notes that NYCB was one of the first local banks chosen by the company to hold USDC reserves. In April, the large federal bank BNY Mellon was chosen to be the main custodian of USDC reserves. Cooperation is aimed at making traditional payments in fiat currencies and exploring the potential of digital assets for making settlements.

In June, Circle introduced a new stablecoin, Euro Coin, pegged to the euro. Initially, it should operate on the Ethereum blockchain, and by the end of the year it is planned to add support for other blockchains.

Source: Bits

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