@BNYglobal, one of the world's largest custody banks, has made Circle's @USDC the first stablecoin on its Digital Asset Custody platform, deepening a relationship with @circle that stretches
@BNYglobal, one of the world's largest custody banks, has made Circle's @USDC the first stablecoin on its Digital Asset Custody platform, deepening a relationship with @circle that stretches back to 2022. BNY oversees $59.3 trillion in assets, giving the new USDC services immediate institutional scale.
Under the expanded arrangement, institutional clients can now hold USDC directly in digital asset custody wallets maintained by BNY. The bank also enables clients to instruct Circle to convert U.S. dollars into USDC (mint) and redeem USDC back into dollars (burn), bringing fiat custody and blockchain-based settlement into one operational framework.
By combining digital asset custody with fiat cash management, the platform is designed to support the full lifecycle of institutional stablecoin transactions while providing a single operating environment for both traditional and blockchain-based assets.For institutional clients, this reduces friction. Previously, accessing USDC often required separate accounts with crypto-native custodians or exchanges. Now, clients can manage their stablecoin holdings within BNY's existing custody framework, which is already used by many of the world's largest asset managers and financial institutions.
The announcement follows a collaboration that began in 2022, when Circle named BNY Mellon as one of its key USDC reserve custodians.The offering makes Circle's flagship stablecoin the platform's first supported stablecoin and extends BNY's existing role as custodian of USDC reserves.
BNY said the integrated platform is designed to support institutional adoption of digital assets by bringing blockchain-based transactions into existing financial workflows, with plans to support additional stablecoins over time.The move reflects growing demand from traditional financial institutions for regulated stablecoin infrastructure.
Sources:CoinDesk: Wall Street's BNY Expands Stablecoin Ties With CircleCrypto Briefing: BNY Mellon Integrates USDC as First Stablecoin on Digital Asset Custody PlatformBitcoin.com News: BNY Gives Institutions Power to Mint and Burn USDC Directly From Custody
