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FDIC-Insured Citizens Trust Bank To Hold $65M in USDC Reserves

Citizens Trust Bank, a financial institution regulated by the Federal Deposit Insurance Corporation (FDIC), has partnered with Circle Internet Financial to hold some of its reserves in USD Coin (USDC) — a move the companies said would promote financial inclusion and digital literacy in the greater Atlanta area. 

On Feb. 24, Circle announced the Atlanta-based Citizens Trust Bank would hold $65 million in USDC reserves as part of a broader collaboration between the two companies. The bank’s USDC reserves will provide small businesses with access to capital and be used for other financial inclusion initiatives. Citizens Trust’s president and chief executive officer, Cynthia N. Day, said holding USDC would also improve the bank’s balance sheet.

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