BNY Mellon, the world's largest custody bank overseeing $59 trillion in assets, is strengthening its ties with Circle as it expands its stablecoin services.
The bank announced that USDC will be the first stablecoin supported on its Digital Asset Custody platform. Clients will be able to hold USDC in custody at BNY and instruct Circle to convert U.S. dollars into the stablecoin or redeem USDC back into dollars through the bank.
This move expands BNY's role in the USDC ecosystem, as the bank already serves as the primary custodian of the reserves backing the stablecoin.
BNY plans to support additional stablecoin issuers over time.
The announcement comes as stablecoins gain momentum among banks and asset managers.
