The Bank of New York Mellon (BNY) has partnered with Circle Internet Group, the issuer of USD Coin (USDC), to expand the institutional capabilities of Circle’s USDC stablecoin.

 

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The partnership, announced in a BNY press release, will support the full lifecycle of Circle’s USDC institutional capabilities. Through the partnership, BNY institutional clients will be able to hold their USDC stablecoins in BNY digital asset custody wallets, while also minting U.S. dollars into USDC and redeeming or converting USDC into U.S. dollars.

 

“As digital assets become increasingly integrated into financial markets, institutions need infrastructure that seamlessly works across traditional and blockchain-based systems,” said Carolyn Weinberg, Chief Product & Innovation Officer at BNY. “With the addition of our enhanced stablecoin enablement capabilities, we’re expanding the ways clients can move value with the operational scale, trust, and resiliency they expect from BNY.”

 

According to BNY, USDC will be the first stablecoin integrated into its Digital Asset Custody platform, with the bank stating that plans are underway to support additional stablecoins. Circle’s USDC is now the third cryptocurrency supported by BNY’s digital asset custody platform, following Bitcoin and Ether.

 

About BNY 

Headquartered in New York, BNY is a leading global financial services and asset servicing company that specializes in investment services, securities servicing, wealth management, and issuer services for institutional clients, including governments, banks, and corporations.

 

Beyond being one of the world’s largest traditional finance companies, managing assets worth more than $59 trillion, BNY has been actively adopting and integrating blockchain technology into its financial infrastructure, helping bridge the gap between traditional finance and blockchain-based financial systems.

 

In 2022, BNY launched its Digital Asset Custody platform, which provides regulated custody services for digital assets. The platform later enabled BNY to become Circle's primary custodian for its USDC reserves. To further strengthen its role in the digital asset ecosystem, BNY has partnered with major blockchain companies, including Circle, Fireblocks, and Canton Network.