BNY Adds USDC as First Supported Stablecoin on Its Digital Asset Custody Platform

USDC issued by Circle will become the first stablecoin supported on global financial services company BNY’s digital asset custody platform, as the two firms expand cooperation on institutional stablecoin services. According to Foresight News, BNY clients can now hold USDC in their digital asset custody wallets and instruct Circle, via BNY, to mint USDC from U.S. dollars or redeem USDC for U.S. dollars, covering the full lifecycle of institutional stablecoin activity. Circle Chief Business Officer Kash Razzaghi said the collaboration extends the companies’ long-term relationship and is intended to connect on-chain assets with traditional assets for BNY clients. He added that the firms plan to expand these capabilities to additional stablecoin issuers and digital cash workflows in the future.