{"id":13047,"date":"2022-06-29T21:08:53","date_gmt":"2022-06-29T21:08:53","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/circle-partners-with-new-york-community-bancorp-bank-to-custody-usdc-reserves-finance-bitcoin-news\/"},"modified":"2022-06-29T21:08:53","modified_gmt":"2022-06-29T21:08:53","slug":"circle-partners-with-new-york-community-bancorp-bank-to-custody-usdc-reserves-finance-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/circle-partners-with-new-york-community-bancorp-bank-to-custody-usdc-reserves-finance-bitcoin-news\/","title":{"rendered":"Circle Partners With New York Community Bancorp \u2014 Bank to Custody USDC Reserves \u2013 Finance Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Circle Internet Financial has revealed a usd coin custody partnership with the American bank holding company New York Community Bancorp (NYCB). Under the agreement, NYCB\u2019s subsidiary, New York Community Bank, will become a custodian for the company\u2019s stablecoin reserves. <\/strong><\/p>\n

Circle Partners With New York Community Bancorp<\/h2>\n

On Tuesday, Circle announced that it is collaborating with NYCB, the parent company of the U.S. Bank National Association. According to the announcement, NYCB\u2019s subsidiary, New York Community Bank, will custody reserves for Circle\u2019s popular stablecoin usd coin (USDC).<\/p>\n

USDC is the second largest stablecoin today with a $53.9 billion market capitalization. During the past 24 hours, Circle\u2019s 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.<\/p>\n

The companies\u2019 strategies will leverage blockchain solutions and stablecoin systems. Solutions include the allocation of USDC dollar-denominated reserves to Minority Depository Institutions Programs (MDIs) 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.<\/p>\n

\u201cIf 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,\u201d Disparte remarked in a statement.<\/p>\n

Circle\u2019s chief strategy officer added:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

Circle Wants to Improve Financial Inclusion \u2014 Blackrock and BNY Mellon Also Handle USDC\u2019s Reserve Management and Custodial Services<\/h2>\n

On November 17, 2021, Disparte wrote a blog post that explained<\/a> how Circle wants to \u201c[improve] financial inclusion and economic prosperity for all.\u201d The post discusses working with community banks and MDIs, and the concept of \u201craising global economic prosperity through the frictionless exchange of financial value.\u201d<\/p>\n

The partnership with NYCB follows Moneygram launching<\/a> a USDC crypto-to-cash program in specific markets. Furthermore, Circle recently launched<\/a> USDC on the Polygon blockchain network and issued<\/a> a second major stablecoin backed 1:1 with the euro.<\/p>\n

Andrew Kaplan, the executive vice president and chief digital bank and banking as a service officer at NYCB said that the financial institution was \u201cproud to be a leading digital asset innovator among U.S. banks.\u201d<\/p>\n

\u201cWe are thrilled that together with being a custodian for USDC reserves, we are also able to partner with Circle on meaningful initiatives to impact inclusion and education to our communities and customers,\u201d Kaplan concluded.<\/p>\n

In addition to NYCB, the financial giants Blackrock and BNY Mellon have partnered with Circle as well. Blackrock was named<\/a> \u201ca primary asset manager of USDC cash reserves,\u201d and America\u2019s oldest investment bank BNY Mellon was also revealed as a USDC custodian last April.<\/p>\n

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Andrew Kaplan<\/a>, Blackrock<\/a>, BNY Mellon<\/a>, Circle<\/a>, Circle Internet Financial<\/a>, community banks<\/a>, crypto assets<\/a>, Digital Currencies<\/a>, euro coin (EUROC)<\/a>, MDIs<\/a>, Minority Depository Institutions Programs<\/a>, MoneyGram<\/a>, NYCB<\/a>, Polygon<\/a>, second-largest stablecoin<\/a>, Stablecoin<\/a>, Stablecoins<\/a>, usd coin<\/a>, USDC<\/a>, USDC stablecoin<\/a><\/div>\n<\/div>\n

What do you think about Circle\u2019s partnership with NYCB? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Feature photo editorial credit: Alison Nunes Calazans<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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