Circle, a global financial technology firm that provides payments and treasury infrastructure for digital businesses announced today that Signature Bank (Nasdaq: SBNY), a New York-based, full service commercial 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.
"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," said Jeremy Allaire, CEO and Co-Founder of Circle. "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."
The Circle relationship has furthered Signature Bank's reputation in the industry. Circle has more than $13 billion on deposit at financial institutions today as reserves for USDC-issued tokens. The rapid adoption and usage of USDC, which currently is growing at a rate of $300 million net new digital dollars in circulation each week, is driving interest from global financial service firms to partner with Circle. Payment card network Visa announced in March that transactions can now be settled using USDC.