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

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

On Friday, the cryptocurrency agency and stablecoin issuer Circle introduced that the monetary establishment Citizens Trust Bank will maintain $65 million in usd coin money reserves. Circle stated the transfer is a part of the corporate’s plan to allocate shares of the stablecoin’s denominated reserves to minority-owned depository establishments (MDIs) and neighborhood banks throughout the United States.

Circle Partners With Atlanta-Based Citizens Trust Bank

The digital forex agency Circle has introduced that Atlanta-based Citizens Trust Bank, based in 1947, will maintain $65 million in usd coin (USDC) reserves. This transfer follows a sequence of bulletins the place Circle allotted funds to numerous U.S.-based monetary establishments over the previous yr. For instance, Circle stated on April 1, 2022, that BNY Mellon would maintain USDC reserves, and in June, the Boston-based firm announced that New York Community Bancorp would maintain USDC reserves.

Additionally, Circle announced final November that it’s working with Blackrock to handle a portion of the USDC reserves in a fund registered with the U.S. Securities and Exchange Commission (SEC). “The alternative to keep up a portion of Circle’s rising USDC reserves means we’re strengthening our steadiness sheet and turning into a key a part of fast-growing new markets,” Cynthia N. Day, the president and chief government officer of Citizens Trust Bank stated in an announcement. Circle additionally introduced on Friday that it’ll collaborate with Citizens Trust Bank to boost monetary literacy initiatives.

The firm said that it’s creating plans to increase programming into the neighborhood by means of Atlanta’s historic HBCUs and native colleges, with a launch occasion slated for this summer time and a $100K seed grant from Circle. As of Feb. 24, 2023, Circle’s stablecoin USDC has an general valuation of $42.66 billion and is the second-largest U.S. dollar-pegged cryptocurrency asset by way of market capitalization. According to metrics recorded on Friday, the variety of USDC cash in circulation has decreased by 2.7% during the last 30 days.

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