Circle, a Fintech in the stablecoin and payments sector, says it has partnered with Signature Bank (Nasdaq: SBNY), a New York-based, full-service commercial bank to hold billions of dollars in reserve deposits related to USD Coin (USDC). Circle states that the two companies are committed to a long term roadmap that will start with the integration of Circle into SignetTM, the Bank’s blockchain-based digital payments platform. The partnership is expected to enable future integrations of additional Circle products and services within the Bank.
Jeremy Allaire, CEO and co-founder of Circle, explained that adding a respected, forward-thinking financial services firm to their USDC reserve network is another step forward in the adoption and growth for USDC.
“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 stablecoin.”
Circle reports that it has more than $13 billion on deposit at financial institutions today as reserves for USDC-issued tokens. USDC is said to be growing at a rate of $300 million net new digital dollars in circulation each week. Payment card network Visa announced in March that transactions can now be settled using USDC.