United States-based banking institution Citizens Trust Bankhas signed a new partnership agreement with Circle Internet Financial to keep some of its assets as stablecoins.
stablecoin Issuer Circle announced on February 24 that it has $65 million in reserves as a result of the collaboration of the bank operating in the Atlanta region of the country. USDC announced that it will hold tokens. With its stablecoin reserve, the bank aims to facilitate small businesses’ access to capital.
Citizens Trust CEO Cynthia Day believes their balance sheet will improve further by holding USDC tokens in the vault.
Citizens Trust, a small-scale bank preferred by minorities in America, has been in the FED system since 1947. According to official data, the minority bank has increased the amount of deposits it holds by $220 million in 2 consecutive years. Citizens provided $157 million in financing to those seeking funding in commercial, residential and consumer loans last year.
Banks With Stablecoin
Citizens Trust isn’t the only bank choosing to hold stablecoins in its reserves. BNY Mellon, Silvergate Bank and Signature Bank, one of the giant financial institutions operating in the USA, hold USDC on their balance sheets.
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