Circle teams up with New York Community Bancorp to custody USDC Coin reserves

Circle Internet Financial, the issuer of stablecoin USD Coin (USDC-USD), has partnered with New York Community Bank, the bank subsidiary of New York Community Bancorp (NYSE:NYCB), to custody USDC reserves. New York Community (NYCB) is the first community bank approved by Circle to serve as a custodian for USD Coin (USDC-USD) reserves, the stablecoin issuer said Tuesday. Furthermore, the partnership will create strategies using Circle blockchain and stablecoin solutions to promote access to low-cost financial solutions for unbanked communities. The plan is expected to support minority-owned depository institutions ("MDIs") where additional reserves could be held. "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," said Dante Disparte, chief strategy officer and head of Global Policy for Circle. Previously, (February 25) Bank of New York Mellon (NYSE:BK) plans crypto custody platform launch later this