Circle has selected a New York-based community bank to be its new custodian for USDC reserves. Circle is working to strengthen partnerships with Community Banks in the U.S. to provide more equitable payments to those most in need.
The two parties worked together to build bridges between legacy and digital capital markets, as well as “the exploration of digital cash for purposes of settlement.” They worked together to build bridges between digital and legacy capital markets, and to explore digital cash for settlement purposes.
“By partnering NYCB, we open up new avenues for community banks and MDIs across America to participate in the rapidly growing digital assets market.
Circle’s USDC saw an increase in net flows despite extreme volatility dominating crypto markets. USDC is the fourth largest cryptocurrency, with a market capital of almost $56 billion. It holds only cash and U.S. short-term government bonds to support its 1:1 peg against the U.S. Dollar. This conservative strategy prioritizes stability and compliance to regulators.
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