New York Community Bank to Hold Circle's USDC Assets

Depricated as of Oct 2022

Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!

Have a great day,

New York Community Bank to Hold Circle’s USDC Assets

New York Community Bank to Hold Circle's USDC Assets
Sandali Handagama / CoinDesk
Source: CoinDesk
1656498862 29 Jun / 10:34

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.”

Last News and Media
CRYPKYP contain links to third-party websites, resources, and advertisers. CRYPKYP does not control, sponsor, recommend or otherwise accept responsibility for any third-party content because we are not responsible for the availability of these outside resources or their contents or privacy practices. It will help if you direct any concerns regarding any third-party content to such a third party. We don't accept responsibility for the content of external websites linked to through the Site or the Services. Third-party content is accessed at the user's own risk. CRYPKYP distributes content from third-party publishers as indicated on the site from time to time mainly in Airdrops, News / Media, Whale Alerts, and Rumors. In these circumstances, CRYPKYP only provides limited stylistic input to the content. CRYPKYP does not verify and takes no responsibility for the accuracy of the content provided by any such third-party publishers.