USDC Issuer Circle Partners with New York Signature Bank
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April 20, 2021Signature Bank, based in New York, has partnered with Stablecoin USDC issuer Circle. Coindesk reported this on the 19th (local time).
As part of this partnership, Circle will be integrated into Signature’s blockchain-based real-time payment platform, Signet, which will enable future integration of Circle products and services within the bank.
Unlike traditional financial rails that operate only on weekdays, Signet and its rival Silvergate Bank’s Silvergate Exchange Network (SEN) provide real-time payments every day. These networks provide real-time speeds with weekend access.
Signature Bank CEO Joseph J. DePaolo said in a press release:
“Many digital asset-based commercial customers have asked us to include circles in the Signet ecosystem. We look forward to completing this integration in the coming months. We will also explore ways to leverage this technology integration into future partnerships and service offerings to further strengthen the bank’s leadership position in the digital asset space and adopt and use USDC stablecoins.”
Circle is depositing more than $13 billion in financial institutions today in reserves for tokens issued by USDC. Visa, a global payment company, announced in March that transactions can be settled using USDC.
(The partnership will allow for future integrations of Circle products and services within the bank.)
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.
