Circle forges new tech partnership with Signature Bank
By Pavithra R
Circle, a global financial technology firm that provides payments and treasury infrastructure for digital businesses has announced forging a new tech partnership with Signature Bank, a New York-based, full-service commercial bank, by which the bank will become their leading financial institution to hold billions of dollars in reserve deposits related to USD Coin (USDC).
The two firms also committed to a long-term roadmap that will kick off with the integration of Circle into Signet, the Bank’s groundbreaking, blockchain-based, digital payments platform enabling real-time payments. The 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. Integration into Signet will afford many of our commercial customers real-time account USDC settlement 24/7/365,” said Jeremy Allaire, CEO and Co-Founder of Circle.
The collaboration has furthered Signature Bank’s reputation in the industry. Founded in 2013, Circle is a global FinTech firm that enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments and commerce worldwide. The firm has introduced next-generation payments processing APIs and has combined the benefits of stablecoins and blockchain with traditional forms of payments like cards and banks. It has more than $13 bn on deposit at FIs today as reserves for USDC-issued tokens.
“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,” said Signature Bank President and Chief Executive Officer Joseph J. DePaolo.
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