Company Updates

Circle Taps Signature Bank as Leading Partner for USDC Reserves

Circle Taps Signature Bank as Leading Partner for USDC Reserves

Alex Behrens Alex Behrens April 22, 2021

Today we’re thrilled to announce Circle has chosen Signature Bank as the leading financial institution to manage billions in US dollar reserves to ensure the full backing of USDC. Based in New York, Signature is a full service commercial bank holding more than $70 billion in total assets, held to some of the highest regulatory standards in the world and with more than two decades of experience serving businesses at the cutting edge of financial technology.

Circle will also be integrated into the Signature Bank into Signet™ program, a blockchain-based digital platform enabling real-time payments.

"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 dollar digital currency," Circle Co-founder and CEO Jeremy Allaire said. 

"Integration into Signet will afford many of our commercial customers real-time USDC settlement 24/7/365."

The supply of USDC has recently ballooned to more than $13 billion, with more than $300 million net new USDC entering circulation each week. In addition to the new partnership with Signature Bank, Circle also recently partnered with Visa to enable payments in USDC from authorized Circle Accounts at more than 70 million partner merchants worldwide.

"Many of our digital asset-based commercial clients have been requesting we include Circle in the Signet ecosystem,” Signature Bank President and CEO Joseph J. DePaolo said. 

“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."

Managing billions in reserve funds is no small task, and Signature Bank is the perfect partner to help drive Circle’s mission to raise global economic prosperity through programmable internet commerce.

Open a Circle Account today to take advantage of the growing USDC ecosystem.

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