BNY makes USDC the first stablecoin on its custody platform
BNY, the world's largest custody bank overseeing $59.3 trillion in assets, has made Circle's USDC the first stablecoin on its Digital Asset Custody platform, letting institutional clients hold, transfer, mint and burn USDC within the bank's existing framework.
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@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.
What Institutional Clients Can Now Do
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.
A Partnership Built on USDC Reserves
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 Circle
Crypto Briefing: BNY Mellon Integrates USDC as First Stablecoin on Digital Asset Custody Platform
Bitcoin.com News: BNY Gives Institutions Power to Mint and Burn USDC Directly From Custody
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Crypto RichRich has been researching cryptocurrency and blockchain technology for eight years and has served as a senior analyst at BSCN since its founding in 2020. He focuses on fundamental analysis of early-stage crypto projects and tokens and has published in-depth research reports on over 200 emerging protocols. Rich also writes about broader technology and scientific trends and maintains active involvement in the crypto community through X/Twitter Spaces, and leading industry events.