Citizens Trust Bank Boosts Safety With $65M USDC Reserves
Key Points:
- Citizens Trust Bank, a bank governed by the Federal Deposit Insurance Corporation (FDIC), has teamed up with Circle Internet Finance to retain some of its reserves in Dollar Coin.
- Citizens provided $157 million in business, consumer, and residential mortgage loans in 2021, the latest year for which data is publicly accessible.
- USDC is also held on the balance sheets of the Bank of New York Mellon, Customers Bank, New York Community Bank, Silvergate Bank, Silicon Valley Bank, and Signature Bank.
In an effort to advance financial inclusion and digital literacy in the greater Atlanta area, Citizens Trust Bank, a bank governed by the Federal Deposit Insurance Corporation (FDIC), has teamed up with Circle Internet Finance to retain some of its reserves in Dollar Coin.
On February 24, Circle said that as part of a larger partnership between the two businesses, Citizens Trust Bank, based in Atlanta, would hold $65 million in USDC reserves. Small firms will have access to capital through the bank’s USDC reserves, which will also be used for other financial inclusion efforts. Citizens Trust president and CEO Cynthia N. Day said holding USDC will also boost the bank’s balance sheet.
The FDIC has designated Citizens Trust Bank as a minority-owned depository institution (MDI), meaning that most of its voting shares or board of directors are people of color. The bank joined the Federal Reserve System in 1947.
Between 2020 and 2021, the bank raised its deposits by $220 million. Citizens provided $157 million in business, consumer, and residential mortgage loans in 2021, the latest year for which data is publicly accessible.
Not all financial institutions in the United States retain USDC reserves, including Citizens Trust. USDC is also held on the balance sheets of the Bank of New York Mellon, Customers Bank, New York Community Bank, Silvergate Bank, Silicon Valley Bank, and Signature Bank.
Together with the decentralized financial boom of the previous two years, stablecoin settlements have increased in popularity as more users rely on dollar-pegged assets to retain collateral, trade cryptocurrencies, and generate yield. Due to regulatory restrictions, stablecoin adoption for payments is still very low.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
Author
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Citizens Trust Bank Boosts Safety With $65M USDC Reserves
Key Points:
- Citizens Trust Bank, a bank governed by the Federal Deposit Insurance Corporation (FDIC), has teamed up with Circle Internet Finance to retain some of its reserves in Dollar Coin.
- Citizens provided $157 million in business, consumer, and residential mortgage loans in 2021, the latest year for which data is publicly accessible.
- USDC is also held on the balance sheets of the Bank of New York Mellon, Customers Bank, New York Community Bank, Silvergate Bank, Silicon Valley Bank, and Signature Bank.
In an effort to advance financial inclusion and digital literacy in the greater Atlanta area, Citizens Trust Bank, a bank governed by the Federal Deposit Insurance Corporation (FDIC), has teamed up with Circle Internet Finance to retain some of its reserves in Dollar Coin.
On February 24, Circle said that as part of a larger partnership between the two businesses, Citizens Trust Bank, based in Atlanta, would hold $65 million in USDC reserves. Small firms will have access to capital through the bank’s USDC reserves, which will also be used for other financial inclusion efforts. Citizens Trust president and CEO Cynthia N. Day said holding USDC will also boost the bank’s balance sheet.
The FDIC has designated Citizens Trust Bank as a minority-owned depository institution (MDI), meaning that most of its voting shares or board of directors are people of color. The bank joined the Federal Reserve System in 1947.
Between 2020 and 2021, the bank raised its deposits by $220 million. Citizens provided $157 million in business, consumer, and residential mortgage loans in 2021, the latest year for which data is publicly accessible.
Not all financial institutions in the United States retain USDC reserves, including Citizens Trust. USDC is also held on the balance sheets of the Bank of New York Mellon, Customers Bank, New York Community Bank, Silvergate Bank, Silicon Valley Bank, and Signature Bank.
Together with the decentralized financial boom of the previous two years, stablecoin settlements have increased in popularity as more users rely on dollar-pegged assets to retain collateral, trade cryptocurrencies, and generate yield. Due to regulatory restrictions, stablecoin adoption for payments is still very low.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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