Friday, December 1, 2023

Circle is expanding its bank partnerships to include Citizens Trust Bank. 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. According to Circle, the move would help “expand the reach” of the stablecoin. This announcement is sure to spark interest in the financial community, and may even help Circle gain a bigger foothold in the market.

Circle expands bank partnerships to include Citizens Trust Bank

Circle has announced that Atlanta-based Citizens Trust Bank 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 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.

As of Feb. 24, 2023, Circle’s 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. Additionally, Circle is expanding its bank partnerships to include Citizens Trust Bank which will bring financial literacy initiatives to underserved communities across the country. With these partnerships, Circle is working to build a better future for everyone.

Circle is expanding its bank partnerships, and Citizens Trust is joining the list. The bank has raised $65 million in USDC reserves to help it expand its partnerships. Citizens Trust will now be able to offer its customers more options, and Circle will be able to access new markets. This is a beneficial partnership for both parties, and it will continue to grow as Circle expands its reach.


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