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

On Friday, cryptocurrency firm and stablecoin issuer Circle announced that financial institution Citizens Trust Bank will hold $65 million in cash reserves in U.S. dollars. 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.

Circle partners with Atlanta-based Citizens Trust Bank

Digital currency firm Circle announced that Atlanta-based Citizens Trust Bank, founded in 1947, will hold $65 million in dollar (USDC) currency reserves. This move follows a series of announcements in which Circle has allocated funds to various US-based financial institutions over the past year. For example, Circle stated on April 1, 2022 that BNY Mellon would hold USDC reserves, and in June, the Boston-based company announced that New York Community Bancorp would hold USDC reserves.

Additionally, Circle announced last November that it is working with Blackrock to manage a portion of USDC reserves in a fund registered with the US Securities and Exchange Commission (SEC). “The opportunity to hold 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,” said Cynthia N. Day, President and CEO of Citizens Trust Bank 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 to the community through Atlanta’s historic HBCUs and local schools, with a launch event scheduled for this summer and an initial donation of $100,000 from Circle. As of February 24, 2023, Circle’s USDC stablecoin has an overall valuation of $42.66 billion and is the second-largest US dollar-pegged cryptocurrency asset in terms of market capitalization. According to metrics recorded on Friday, the number of USDC coins in circulation decreased by 2.7% over the past 30 days.

Tags in this story

Atlanta, Balance Sheet, Blackrock, BNY Mellon, Circle, Citizens Trust Bank, Community Banking, Cryptocurrency, Cryptocurrency Asset, Cynthia N. Day, Digital Currency, Fast Growth Markets, Financial Institutions, Financial Literacy Initiatives, HBCUs, Launch Event , local schools, market capitalization, MDIs, minority-owned depository institutions, New York Community Bancorp, SEC, initial grant, Stablecoin, United States, US dollar-pegged, usd coin, USDC

What do you think of Circle’s partnership with Atlanta-based Citizens Trust Bank? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is the head of news at News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News on the disruptive protocols emerging today.

image credits: Shutterstock, Pixabay, Wiki Commons

disclaimer: This article is for information 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. does not provide investment, tax, legal or accounting advice. Neither the company nor the author are 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.

Leave a Comment