The Bank of New York Mellon Corporation, or BNY Mellon, has landed a major deal with Circle, making the bank the primary custodian for the reserve assets of USDC, a US Dollar-backed stablecoin.
Presently, USDC ranks the second largest stablecoin in terms of market capitalization, with about $52 billion tokens in circulation. Per its latest banking audits, the stablecoin reserve assets include cash and cash equivalents, US Treasury notes, and certificates of deposit.
Announcing the news Thursday, Circle observed that both companies will work together to bridge traditional and digital capital markets, investment management, digital asset custody, cash management for fiat and non-fiat payments, and the exploration of digital cash for purposes of settlement.
Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon, said:
“BNY Mellon continues to provide products and services to players in this evolving market. Our role as a custodian for USDC reserves supports the broader marketplace and brings value to clients, founded on our role at the intersection of trust and innovation.”
BNY Mellon is the world’s largest trust bank with more than $46 trillion in assets under management. Last month, it became one of the first major banks to announce the creation of a digital asset custody platform, partnering with Fireblocks technology to launch BNY Mellon crypto wallets.