Circle, the issuer of USD Coin (USDC), has partnered with New York Community Bancorp to become a custodian for Circle, a stablecoin reserve of New York Community Bank, a subsidiary of the bank. publication June 28th.
This collaboration marks an important milestone for NYCB, which became the first community bank to hold USDC reserves.
Apart from custody agreements, Circle and NYCB will work together to develop strategies to facilitate access to low-cost financial solutions for poorly serviced, bankless communities. According to the announcement, these strategies will leverage Circle’s blockchain and Stablecoin solutions.
In addition, through this partnership, Circle and NYCB will introduce support for minority-owned depository institutions (MDIs) that may hold additional USDC reserves.
In doing so, Circle aims to build on its long-term goal of supporting undervalued financial institutions by allocating a portion of USDC’s dollar-based reserves across MDI.This goal is Circle impact An initiative aimed at promoting global economic prosperity.
Dante Disparte, Chief Strategy Officer and Global Policy Officer at Circle, commented:
By partnering with NYCB, we are paving the way for community banks and MDIs across the country to become a major participant in the fast-growing digital asset market.
USDC continues to make profits with USDT
USDC continues to perform well despite the bear market. Stablecoin Coin remains fixed at the US dollar, but its market capitalization is steadily growing.
At the time of writing, USDC is the second largest stablecoin and the fourth largest token, with a market capitalization of $ 55.82 billion. Earlier this year, USDC had a market capitalization of $ 42.45 billion.
Tether (USDT) is the largest stablecoin and the third largest cryptocurrency with a market capitalization of $ 66.76 billion. The USDT had a market capitalization of $ 78.34 billion at the beginning of the year.
