Today Circle announced that BNY Mellon would be the primary custodian for the USDC stablecoin. The Bank is the world’s largest conventional custodian, with more than $46 trillion in assets under custody or administration. USDC is the second largest stablecoin with a market capitalization of almost $52 billion.
In February last year, BNY Mellon announced the creation of a Digital Assets unit, and a month later, it announced it had selected Fireblocks as its technology partner for digital asset custody. Fireblocks has gone on to raise more than $1 billion in funding.
“We are at a point in the evolution of our industry where the digitization of assets is presenting new and exciting opportunities to a broad range of market participants,” said Roman Regelman, Head of Digital at BNY Mellon. “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.”
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
