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New York Community Bank, a community bank headquartered in New York with branches in New Jersey, Florida, and Ohio, will act as a custodian for a portion of the reserve assets backing the USD coin (USDC) stablecoin, Circle, the stablecoin's issuer, said on Tuesday.
According to a release, the two businesses would also collaborate on "low-cost financial solutions for underserved and unbanked communities."
The agreement is a component of Circle's initiative to integrate underrepresented financial institutions in the digital asset market and invest a portion of its reserves in minority-owned depository institutions.
USDC has distanced itself from other stablecoins by building stronger links with established institutions and holding U.S. dollar-denominated cash and short-term U.S. government bonds as reserves. It is the second-largest stablecoin after Tether’s USDT, with a $55 billion circulating supply. Since the implosion of the Terra blockchain, USDT has lost market share to TUSD.
Circle announced earlier this spring that BNY Mellon, one of the oldest and largest U.S. custodian banks, will be the principal custodian for USDC deposits.
According to its website, NYCB is a very modest bank, handling $61 billion in assets. BNY Mellon’s assets under custody are equal to $45 trillion.
Long-term, though, Circle intends to transfer “billions of dollars in deposits” to underrepresented financial institutions.
Circle’s chief strategy officer and head of global policy, Dante Disparte, said, “By partnering with NYCB, we are opening up new pathways for community banks and MDIs across the country to be key participants in the fast growing digital assets market.”
