Circle’s USDC Stablecoin Reserves Will Be Held By BNY Mellon As Their Principal Custodian

Peer-to-peer payments processor Circle Internet Financial today announced that it has chosen the Bank of New York Mellon Corporation, also known as BNY Mellon, to become a primary custodian for its USD Coin (USDC) reserves.

In the press release, Circle CEO and co-founder Jeremy Allaire noted:

“As we continue to see exponential growth in USDC, the opportunity to work with BNY Mellon is one way we build bridges between traditional financial services and emerging digital asset markets, without sacrificing trust. Together, we will leverage our respective areas of expertise to innovate and build the financial ecosystem of the future.”

Bridging traditional and digital finance – Circle

USD Coin is currently the fifth-largest cryptocurrency thanks to its market capitalization (the total current price of all USDC tokens in circulation) of about $51.8 billion.

Per the press release, the new partnership between Circle and 237-year-old BNY Mellon will “facilitate an exchange of expertise on a range of topics across digital and traditional markets.”

BNY Mellon’s appointment as a primary USDC custodian also “supports the broader marketplace and brings value to clients, founded on our role at the intersection of trust and innovation,” said Roman Regelman, the bank’s CEO of asset servicing and head of digital, adding:

“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. BNY Mellon continues to provide products and services to players in this evolving market.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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