NYCB partnership marks Circle's first custody
relationship with a community bank and brings digital financial
literacy opportunities to the greater NYCB community
BOSTON, June 28,
2022 /PRNewswire/ -- Today, Circle Internet
Financial, a global digital financial technology firm and the
issuer of USD Coin (USDC), has announced a custody partnership with
New York Community Bancorp, Inc. (NYSE: NYCB). Under this
agreement, NYCB's bank subsidiary, New York Community Bank, will
become a custodian for USDC reserves. Additionally, the two
organizations will work together to create strategies utilizing
Circle blockchain and stablecoin solutions to promote access
to low-cost financial solutions for underserved and unbanked
communities. Additionally, the plan will develop support for
Minority-owned Depository Institutions (MDIs) where additional
reserves may be held. New York
Community is the first community bank approved by Circle to
serve as a custodian for USDC reserves.
The move is part of the company's commitment to allocate a share
of USDC dollar-denominated reserves to MDIs and Community
Banks across the country. Announced in November, 2021 as a
foundational pillar of Circle Impact, the initiative's long-term
goal is to reach billions of dollars in deposits over time across
the footprint of underrepresented financial institutions.
"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."
"NYCB is proud to be a leading digital asset innovator among
U.S. banks," said Andrew Kaplan,
Executive Vice President and Chief Digital Bank and Banking as a
Service Officer of New York Community Bancorp, Inc. "We are
thrilled that together with being a custodian for USDC reserves, we
are also able to partner with Circle on meaningful initiatives to
impact inclusion and education to our communities and customers. We
look forward to working closely with Circle on this strategy and
further enhancing our relationship."
About Circle
Circle is a global financial technology firm that enables
businesses of all sizes to harness the power of digital currencies
and public blockchains for payments, commerce and financial
applications worldwide. Circle is the issuer of USD Coin (USDC),
one of the fastest growing dollar digital currencies powering
always-on internet-native commerce and payments. Today, Circle's
transactional services, business accounts, and platform APIs are
giving rise to a new generation of financial services and commerce
applications that hold the promise of raising global economic
prosperity for all through the frictionless exchange of financial
value. Additionally, Circle operates SeedInvest, a leading startup
fundraising platform in the U.S. Learn more at
https://circle.com.
About New York Community
Bancorp
Based in Hicksville, N.Y., New
York Community Bancorp, Inc. is a leading producer of multi-family
loans on non-luxury, rent-regulated apartment buildings in
New York City, and the parent of
New York Community Bank. At March 31, 2022, the Company
reported assets of $61.0 billion,
loans of $46.8 billion, deposits of
$38.0 billion, and stockholders'
equity of $6.9 billion.
Reflecting our growth through a series of acquisitions, the Company
operates 237 branches through eight local divisions, each with a
history of service and strength: Queens County Savings Bank, Roslyn
Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank,
and Atlantic Bank in New York;
Garden State Community Bank in New
Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona.
In January 2022, the Company
announced a Community Benefits Agreement in collaboration with the
National Community Reinvestment Coalition ("NCRC") and its
members. Under the NCRC agreement, NYCB has committed to
provide $28 billion in loans,
investments, and other financial support to communities and people
of color, low- and moderate-income families and communities, and
small businesses. The five-year agreement is subject to the
closing of NYCB's pending merger with Flagstar Bancorp, Inc.
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SOURCE Circle Internet Financial, LLC