BNY is expanding stablecoin services for institutional clients through its digital asset custody platform by adding support for Circle’s USDC. Multiple outlets report that BNY will enable eligible clients to hold USDC in the bank’s custody wallets and to interact with Circle for minting and redemption. In practice, institutional clients can instruct Circle, via BNY, to convert U.S. dollars into USDC (minting) and to redeem USDC for U.S. dollars (burning/redemption). The update is described as a deepening of BNY’s partnership with Circle and builds on BNY’s role as a primary custodian of USDC reserves. One report also notes that BNY’s broader plan is to extend similar capabilities to additional stablecoins beyond USDC, although the initial rollout is centered on Circle’s token. The changes are positioned as further integration of stablecoin functions—custody plus issuance-related actions—within a regulated banking infrastructure used by institutional investors.
BNY Expands Institutional USDC Custody With Circle’s Minting and Redemption
BNY is expanding stablecoin services for institutional clients through its digital asset custody platform by adding support for Circle’s USDC. Multiple outlets report that BNY will enable eligible cli...
- BNY expands stablecoin capabilities for institutional clients through its digital asset custody platform.
- Clients can hold Circle’s USDC in BNY custody wallets.
- BNY will allow clients to instruct Circle, via BNY, to mint USDC by converting U.S. dollars to USDC.
- BNY will also support redemption, enabling clients to convert USDC back into U.S. dollars through Circle.
- BNY’s update is tied to an expanded partnership with Circle and is described as an initial step toward adding more stablecoins.
BNY’s institutional clients can now hold USDC stablecoins in digital asset custody wallets at the bank and instruct the stablecoin’s issuer, Circle Internet Group, through BNY, to convert U.S. dollars into USDC and to redeem USDC for U.S. dollars. These new stablecoin enablement capabilities for institutional clients result from an expanded relationship between BNY and […] The post BNY Accelerates Stablecoin Push via Expanded Circle Relationship appeared first on PYMNTS.com.
3 hours agoBNY, the world's largest custodian bank, said it plans to add support for additional stablecoin via its Digital Asset Custody platform.
5 hours agoThe move deepens BNY's partnership with Circle and builds on the bank's role as the primary custodian of USDC reserves.
6 hours agoThe world's largest custody bank is adding USDC custody and minting services as stablecoins move deeper into traditional finance.
8 hours ago
Several companies file Form 4 disclosures on insider trading activity
Multiple companies report Form 4 filings covering insider transactions on different dates, according to the provided Inv...
ASX poised to rise as Wall Street edges toward records amid oil-price moves
US markets resume after a three-day Wall Street holiday and trade is mixed as stocks drift near record levels. Several r...
Methanex idles Trinidad methanol plant due to gas supply issues
Methanex is idling a methanol production plant in Trinidad and Tobago because of gas supply issues, according to reports...