Global financial technology firm Circle has announced a partnership with Signature Bank, allowing the institution to hold billions of dollars in reserve deposits related to USD Coin (USDC).
Circle enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments, commerce and financial applications worldwide. Cirlce claimed that its platform has supported over 100 million transactions worth tens of billions of dollars, with nearly 10 million retail customers, over a thousand businesses, while storing and securing more than $5 billion in digital currency assets. Circle is also a principal developer of USD Coin (USDC), which together with Coinbase and the Centre Consortium oversees the standards and protocol for what has become the fastest growing, regulated, fully reserved stable coin. USDC now stands at more than $13 billion market cap and is adding nearly $300 million net new digital dollars in circulation every week.
Signature Bank is a New York-based full-service commercial bank with 31 private client offices throughout the New York metropolitan area and Connecticut as well as San Francisco. In 2019, the bank introduced its NYSDFS-approved blockchain-based digital payments platform, Signet, enabling real-time payments for its commercial clients. The Signet Platform allows the bank’s commercial clients to make payments in US dollars, 24/7/365, safely and securely, without transaction fees.
In press release, Circle said that Signature Bank will become their leading financial institution to hold billions of dollars in reserve deposits related to USD Coin. The two companies also committed to a long-term roadmap that will kick off with the integration of Circle into Signet. The joint technical effort to integrate Circle into Signet will enable possible future integrations of additional Circle products and services within the bank.
“Adding a respected, forward-thinking financial institution to our USDC reserve network is another step forward in adoption and growth for the world’s fastest-growing digital dollar currency,” said Jeremy Allaire, CEO and Co-Founder of Circle. “Integration into Signet will afford many of our commercial customers real-time account USDC settlement 24/7/365.”
“Many of our digital asset-based commercial clients have been requesting we include Circle in the Signet ecosystem. We look forward to completing this integration in the coming months,” said Signature Bank President and Chief Executive Officer Joseph J. DePaolo. “We will also seek to leverage this technical integration into future partnerships and service offerings, further strengthening the Bank’s leadership position in the digital asset space and adoption and use of USDC stable coin.”