Circle has announced that Signature Bank will become their leading financial institution to hold billions of dollars in reserve deposits related to USD Coin (USDC), the fastest growing digital dollar in the world.
The two companies also committed to a long-term roadmap that will kick off with the integration of Circle into SignetTM, the Bank’s groundbreaking, blockchain-based, digital payments platform enabling real-time payments. The joint technical effort to integrate Circle into Signet will enable possible future integrations of additional Circle products and services within the Bank.
Jeremy Allaire, CEO and Co-Founder of Circle, said:
“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. Integration into Signet will afford many of our commercial customers real-time account USDC settlement 24/7/365.”
Signature Bank President and Chief Executive Officer Joseph J. DePaolo, added:
“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. 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.”
