Circle has revealed a USDC custody partnership with the American bank holding company New York Community Bancorp (NYCB).
Circle Internet Financial has revealed a usd coin custody partnership with the American bank holding company New York Community Bancorp . Under the agreement, NYCB’s subsidiary, New York Community Bank, will become a custodian for the company’s stablecoin reserves.On Tuesday, Circle announced that it is collaborating with NYCB, the parent company of the U.S. Bank National Association.
USDC is the second largest stablecoin today with a $53.9 billion market capitalization. During the past 24 hours, Circle’s USDC stablecoin has seen $5 billion in global trade volume. New York Community Bank will also work with Circle in order to provide unbanked communities with access to low-cost financial solutions.
The companies’ strategies will leverage blockchain solutions and stablecoin systems. Solutions include the allocation of USDC dollar-denominated reserves to Minority Depository Institutions Programs and community banks. Dante Disparte, the chief strategy officer and head of global policy for Circle, explained that the future of money will be more inclusive.
“If we want to make the future of money and payments more inclusive than the past, we have to build new partnerships and connections at the community level,” Disparte remarked in a statement.By partnering with NYCB, we are opening up new pathways for community banks and MDIs across the country to be key participants in the fast-growing digital assets market.
Circle Wants to Improve Financial Inclusion — Blackrock and BNY Mellon Also Handle USDC’s Reserve Management and Custodial Serviceshow Circle wants to “[improve] financial inclusion and economic prosperity for all.” The post discusses working with community banks and MDIs, and the concept of “raising global economic prosperity through the frictionless exchange of financial value.”
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