BNY Mellon, the oldest bank in the United States, has expanded its partnership with Circle to introduce new stablecoin services for institutional clients.
Under this expanded partnership, USDC becomes the first stablecoin supported on BNY Mellon’s Digital Asset Custody platform.
This integration allows institutional clients to store, transfer, mint, and redeem USDC directly through the bank’s custody infrastructure.
BNY Mellon Expands USDC Integration
According to the official announcement, the new arrangement strengthens BNY Mellon’s role as a primary custodian of reserves backing USDC.
Institutional clients using the bank’s digital asset custody platform can now hold USDC in custody wallets and instruct Circle to convert US dollars into USDC.
Clients can also redeem USDC back into US dollars through the token burning process.
Circle said these services are designed to support the full lifecycle of institutional stablecoin activity by connecting traditional banking services with digital asset custody within a single framework.
BNY Mellon stated that these stablecoin capabilities are part of its broader Digital Assets platform, which aims to help institutions manage the growing overlap between traditional finance and blockchain based markets.
By combining custody solutions with cash management services, the bank intends to provide secure access to blockchain networks while maintaining the governance, operational controls, and resilience expected by institutional clients.
The bank also indicated plans to expand support to additional stablecoin issuers and broader digital cash workflows in the future.
Carolyn Weinberg, BNY Mellon’s Chief Product and Innovation Officer, said growing digital asset adoption is increasing demand for infrastructure that works seamlessly across both traditional and blockchain based systems.
She noted that the bank’s enhanced stablecoin capabilities are designed to help institutions move value more efficiently while preserving the scale, trust, and reliability expected from BNY Mellon.
BNY Mellon’s Growing Crypto Presence
BNY Mellon and Circle first partnered in March 2022, when the bank was selected as one of the primary custodians for USDC reserves.
Since then, BNY Mellon has steadily expanded its footprint in digital assets.
Earlier this year, the Wall Street banking giant further strengthened its digital asset custody business through partnerships with Finstreet and ADI Foundation.
These partnerships are focused on building regulated crypto infrastructure within Abu Dhabi Global Market, one of the Middle East’s growing financial hubs for digital assets.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
