BNY expands USDC services for institutional digital custody clients
Institutional demand for regulated links between traditional cash management and digital assets is pushing banks to broaden crypto infrastructure services. BNY is expanding its partnership with Circle to let clients custody, transfer, mint and burn USDC through the bank’s Digital Asset Custody platform.
Highlights
- BNY Mellon launched full-lifecycle stablecoin support with Circle Internet Group, enabling institutional clients to mint, redeem, and custody USDC on its Digital Asset Custody platform.
- Institutions can now use BNY to convert U.S. dollars to USDC and vice versa, with BNY also acting as primary custodian for USDC reserves.
- BNY plans to support additional stablecoin issuers and continues expanding institutional crypto offerings, including tokenized deposit services and custody for most spot BTC and ETH ETFs.
USDC integration expands custody offering
The Block reported on Monday that The Bank of New York Mellon is rolling out full-lifecycle stablecoin capabilities with Circle Internet Group, making USDC the first asset supported on BNY’s Digital Asset Custody platform.Under the expanded arrangement, institutional clients can hold USDC in BNY digital custody wallets and instruct the bank to convert U.S. dollars into newly minted USDC or redeem tokens back into dollars. The service adds minting and burning to custody and transfer functions, extending BNY’s existing role as primary custodian for USDC reserves.
Circle Chief Commercial Officer Kash Razzaghi said the move reflects the regulatory standards built into USDC and deepens a longstanding relationship between the two firms. He said the offering gives BNY clients connectivity between on-chain and traditional assets within infrastructure they already use.
Broader push into institutional crypto services
BNY said it plans to add support for additional stablecoin issuers over time, signaling a broader buildout of digital asset services for institutional customers.The bank has already been expanding its crypto-related operations. Earlier this year, it opened a tokenized deposit service for six clients, including ICE and Citadel Securities, and it remains among the major Wall Street institutions offering regulated digital asset custody in the U.S. and other regions, while supporting most spot BTC and ETH ETFs.
Our earlier analysis of Coinbase (COIN) highlighted that the stock was trading under sustained technical pressure, with price action remaining below key moving averages and resistance levels. At the same time, we noted Coinbase’s broader push to build out a full financial ecosystem, including growth in institutional activity and continued expansion of stablecoin-related services alongside regulatory and corporate milestones.
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