{"id":18057,"date":"2023-02-25T00:25:18","date_gmt":"2023-02-25T00:25:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/citizens-trust-bank-to-hold-65-million-in-usdc-reserves-as-circle-expands-bank-partnerships-bitcoin-news\/"},"modified":"2023-02-25T00:25:18","modified_gmt":"2023-02-25T00:25:18","slug":"citizens-trust-bank-to-hold-65-million-in-usdc-reserves-as-circle-expands-bank-partnerships-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/citizens-trust-bank-to-hold-65-million-in-usdc-reserves-as-circle-expands-bank-partnerships-bitcoin-news\/","title":{"rendered":"Citizens Trust Bank to Hold $65 Million in USDC Reserves as Circle Expands Bank Partnerships \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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On Friday, 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\u2019s plan to allocate shares of the stablecoin\u2019s denominated reserves to minority-owned depository institutions (MDIs) and community banks across the United States.<\/strong><\/p>\n

Circle Partners With Atlanta-Based Citizens Trust Bank<\/h2>\n

The digital currency firm Circle<\/a> has announced that Atlanta-based Citizens Trust Bank<\/a>, founded in 1947, will hold $65 million in usd coin (USDC) reserves. This move follows a series of announcements where Circle allocated funds to various U.S.-based financial institutions over the past year. For example, Circle stated<\/a> on April 1, 2022, that BNY Mellon would hold USDC reserves, and in June, the Boston-based company announced<\/a> that New York Community Bancorp would hold USDC reserves.<\/p>\n

Additionally, Circle announced<\/a> last November that it is working with Blackrock to manage a portion of the USDC reserves in a fund registered with the U.S. Securities and Exchange Commission (SEC). \u201cThe opportunity to maintain a portion of Circle\u2019s growing USDC reserves means we are strengthening our balance sheet and becoming a key part of fast-growing new markets,\u201d 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.<\/p>\n

The company stated that it is developing plans to expand programming into the community through Atlanta\u2019s 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\u2019s 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 days.<\/p>\n

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Atlanta<\/a>, Balance Sheet<\/a>, Blackrock<\/a>, BNY Mellon<\/a>, Circle<\/a>, Citizens Trust Bank<\/a>, community banks<\/a>, Cryptocurrency<\/a>, cryptocurrency asset<\/a>, Cynthia N. Day<\/a>, Digital Currency<\/a>, fast-growing markets<\/a>, Financial Institutions<\/a>, financial literacy initiatives<\/a>, HBCUs<\/a>, launch event<\/a>, local schools<\/a>, Market Capitalization<\/a>, MDIs<\/a>, minority-owned depository institutions<\/a>, New York Community Bancorp<\/a>, SEC<\/a>, seed grant<\/a>, Stablecoin<\/a>, United States<\/a>, US dollar-pegged<\/a>, usd coin<\/a>, USDC<\/a><\/div>\n<\/div>\n

What do you think about Circle partnering with the Atlanta-based Citizens Trust Bank? 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 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/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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