NEW YORK— Circle, a blockchain-focused financial services and payments company launched in 2013, has entered into a partnership with New York Community Bank with an aim of making blockchain solutions and cryptocurrencies more inclusive.
Circle, which was originally a consumer-facing P2P payment and cryptocurrency wallet and exchange app that has since refocused on commercial blockchain and crypto applications, the agreement means New York Community Bank will provide custody reserves for Circle’s U.S. digital currency USDC) stablecoin.
New York Community Bank (NYCB) is the parent company of the U.S. Bank National Association, Bitcoin.com reported, adding that USDC is the second largest stablecoin today with a $53.9 billion market capitalization.
According to the report, the companies’ strategies will leverage blockchain solutions and stablecoin systems. Solutions include the allocation of USDC dollar-denominated reserves to Minority Depository Institutions Programs and community banks, Bitcoin.com said.
“If we want to make the future of money and payments more inclusive than the past, we have to build new partnerships and connections at the community level,” stated Dante Disparte, chief strategy officer and head of global policy for Circle.