Circle Saves USDC Reserve Funds Worth IDR 992 Billion At Citizen Trust Bank

USDC stablecoin. (Photo; Doc. Ledger Insight)

JAKARTA - Citizens Trust Bank, a financial institution in Atlanta founded in 1947, will reportedly deposit USDC reserves of USD 65 million. USDC is a stablecoin published by Circle, a cryptocurrency company and stablecoin issuer.

The move is part of Circle's plan to allocate part of stablecoin denomination reserves to minority-owned storage institutions (MDI) and community banks across the United States.

Over the past year, Circle has allocated funds to various US-based financial institutions, such as BNY Mellon and New York Community Bancorp, to store USDC reserves. Last November, Circle also announced cooperation with Blackrock to manage part of USDC reserves in a fund listed on the US Securities and Exchange Commission (SEC).

Cynthia N. Day, president and chief executive of Citizens Trust Bank, stated that the opportunity to maintain part of the USDC Circle reserves is an important step towards strengthening the balance sheet and becoming an important part of the growing new fast-growing markets.

In addition, Circle is also collaborating with Citizens Trust Bank to step up financial literacy initiatives and is developing plans to expand programming into the community through the historic HBCU Atlanta and local schools, with launch events scheduled for this summer and an initial grant of 100 thousand US dollars (around Rp1.5 billion) from Circle.

On February 24, 2023, the USDC Circle stablecoin had a total valuation of 42.66 billion US dollars (Rp681 trillion) and was the second-largest cryptocurrency asset set in the second-largest US dollar in terms of market capitalization. Nonetheless, the amount of USDC coins in circulation has decreased by 2.7 percent over the past 30 days, according to a metric recorded on Friday.