Citizens Trust Bank to Hold $65 Million in USDC Reserves as Circle Expands Bank Partnerships

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Citizens Trust Bank to Hold $65 Million in USDC Reserves as Circle Expands Bank Partnerships

Reedel, the cryptocurrency firm and stablecoin issuer Circle announced that the financial institution Citizens Trust Bank will hold $65 million in usd coin cash reserves. Circle said the move is part of the company’s plan to allocate shares of the stablecoin’s denominated reserves to minority-owned depository institutions (MDIs) and community banks across the United States.

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Circle Partners With Atlanta-Based Citizens Trust Bank

The digital currency firm Ring has announced that Atlanta-based Citizens Trust Bank, founded in 1947, will hold $65 million in usd coin (USDC) reservid. This move follows a series of announcements where Circle allocated funds to various U.S.-based financial institutions over the past year. Näiteks, Ring märgitud aprillil 1, 2022, that BNY Mellon would hold USDC reserves, and in June, the Boston-based company teatas that New York Community Bancorp would hold USDC reserves.

Lisaks, Ring teatas last November that it is working with Blackrock to manage a portion of the USDC reserves in a fund registered with the U.S. Väärtpaberi- ja börsikomisjon (SEC). “The opportunity to maintain a portion of Circle’s growing USDC reserves means we are strengthening our balance sheet and becoming a key part of fast-growing new markets,” Cynthia N. Day, the president and chief executive officer of Citizens Trust Bank said in a statement. Circle also announced on Friday that it will collaborate with Citizens Trust Bank to enhance financial literacy initiatives.

The company stated that it is developing plans to expand programming into the community through Atlanta’s historic HBCUs and local schools, with a launch event slated for this summer and a $100K seed grant from Circle. As of Feb. 24, 2023, Circle’s stablecoin USDC has an overall valuation of $42.66 billion and is the second-largest U.S. dollar-pegged cryptocurrency asset in terms of market capitalization. According to metrics recorded on Friday, the number of USDC coins in circulation has decreased by 2.7% over the last 30 päevadel.

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What do you think about Circle partnering with the Atlanta-based Citizens Trust Bank? Andke meile allolevas kommentaaride jaotises teada, mida te selle teema kohta arvate.

Jamie Redman

Jamie Redman on Bitcoin-Tidings.com Newsi uudistejuht ja Floridas elav finantstehnoloogia ajakirjanik.. Redman on sellest ajast alates olnud aktiivne krüptoraha kogukonna liige 2011. Tal on kirg Bitcoini vastu, avatud lähtekoodiga kood, ja detsentraliseeritud rakendused. Alates septembrist 2015, Redman on kirjutanud rohkem kui 6,000 artiklid saidile Bitcoin-Tidings.com Uudised täna esile kerkivate häirivate protokollide kohta.




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