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Circle And BNY Mellon Partner On USDC For Stablecoin Custody
The two large platforms expect a closer partnership following the integration of the USDC stablecoin for clients.
Stablecoin issuers and banks are partnering on stablecoins (Juliana Morales Ramirez / Unsplash)
BNY Mellon will custody the USDC stablecoin.
The bank is partnering with Circle to integrate the USDC stablecoin onto its platform as part of its stablecoin custody and management. Clients with accounts will be able to send and receive stablecoin transfers from their existing balances.
BNY Mellon is one of the oldest banking institutions and has already been part of the stablecoin and digital asset ecosystem for some time.
It also acts as a stablecoin custodian for RLUSD stablecoin and stablecoin issuer Ripple, as well as having launched its tokenized money market fund aimed at other regulated Genius Act issuers.
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