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Circle and Bancorp

CIRCLE AND BANCORP ENTERS PARTNERSHIP TO INVEST IN COMMUNITY-BASED ENTERPRISES

Circle international Financial, the establishers of the USDC stablecoin, has revealed a custody partnership with New York Community Bancorp (NYCB), below which New York Community Bank, a subordinate of NYCB, will occupy a position as custodians for USDC reserves.

Additionally, the two organizations will join forces to develop strategies to improve access to low-cost financial solutions for parts of the population that lack access to banking services. These planned enterprises will utilize the Circle’s blockchain and stablecoin solutions. Additionally, the partnership will improve assistance for minority-owned depository institutions (MDIs), which will allow them to hold more reserves.

Due to the partnership, New York Community Bancorp will be the first community bank that Circle has authorized to hold USDC reserves. Earlier in the year, Circle revealed another agreement with BNY Mellon, one of the oldest and biggest custodian banks in the United States, which makes BNY Mellon the main bank holding USDC reserves.

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The NYCB partnership was created as a section of Circle’s solution to distribute a fragment of USDC dollar-denominated reserves to MDIs and community banks that exist all over the United States. The aim was revealed in November 2021 as part of Circle Impact; a program meant to nurture financial inclusion, responsible financial innovation, and build up humanitarian efforts through the use of corruption-proof real-time payments.

The initiative’s lengthened mission is to put billions of dollars in deposits in minority financial institutions over time. The initiative will make it more accessible for women and minorities to get funding for their startups.

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