Today Circle, the issuer of the USDC stablecoin, announced a custody partnership with New York Community Bank (NYCB). Back in March, Circle announced that BNY Mellon is the primary custodian for the USDC reserves that back the stablecoin.
In addition to the custody relationship, the NYCB plans to collaborate to enable Circle’s stablecoin solutions to target underserved and unbanked communities. An initial step is to support Minority-owned Depository Institutions (MDI) to become custodians of the USDC reserves. This is part of the Circle Impact initiative.
“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,” said Dante Disparte, Chief Strategy Officer and Head of Global Policy for Circle. “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.”
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