BNY Mellon has expanded its Digital Asset Custody platform to support Circle's USDC stablecoin. Institutional clients can now store, transfer, mint, and redeem USDC directly through the bank.
This makes USDC the first stablecoin on BNY's custody platform. The bank plans to add support for additional stablecoins and digital cash workflows. BNY already serves as the primary custodian for assets backing USDC.
BNY oversees $59.3 trillion in assets and serves over 90% of Fortune 100 companies. USDC has over $73.8 billion in circulation.
This move is part of a broader trend where traditional finance expands stablecoin infrastructure. In recent months, JPMorgan filed for a tokenized money market fund, and State Street launched a government money market fund for stablecoin issuers.
The stablecoin market is valued at approximately $313 billion. Tether's USDT accounts for about 60% of that market.