Citizens Trust Bank, a financial institution regulated by the Federal Deposit Insurance Corporation (FDIC), has partnered with Circle Internet Financial to hold some reserves in USD.
On February 24, Circle announced that Atlanta-based Citizens Trust Bank will hold $65 million in USDC reserves as part of a broader partnership between the two companies. Citizens Trust president and CEO Cynthia N. Day said that holding USDC would also improve the bank’s balance sheet.
Citizens Trust Bank is categorized as Minority–owned Depository Institutions (MDIs) by the FDIC, where banks joined the Federal Reserve System in 1947.
Citizens Trust isn’t the only U.S. financial institution holding USDC reserves, as Bank of New York Mellon, Customers Bank, New York Community Bank, Silvergate Bank, Silicon Valley Bank and Signature Bank also hold USDC on their balance sheets.
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