BNY has expanded relationship with Circle Internet Group, Inc. as part of new stablecoin enablement capabilities for institutional clients. Circle’s USDC will be the first stablecoin on BNY’s digital asset custody platform, enabling BNY clients to store, transfer, mint and burn USDC.
This expands BNY’s role as primary custodian of USDC reserves. BNY clients can now hold USDC in their digital asset custody wallets at BNY and, through BNY, they can instruct Circle to convert (mint) U.S. Dollars into USDC and to redeem (burn) USDC for U.S. Dollars. Over time, BNY plans to expand support to additional stablecoin issuers and digital cash workflows.