BNY Makes USDC First Stablecoin on Custody Platform; Adds Minting and Redemption
BNY became the first major custodian to add USDC to its institutional custody platform, simultaneously enabling minting and redemption capabilities for institutional clients. BNY Mellon and Circle expanded their partnership to include USDC mint and burn functionality, deepening the integration of stablecoin rails into traditional banking custody infrastructure.
USDC at BNY: the world's largest custodian just became USDC's on and off ramp
BNY already held the dollars backing USDC — it was the reserve custodian. Now it's also the window where institutional clients convert those dollars into USDC and back again. The full loop runs inside one bank.
That's not incidental. It means the world's largest custodian, with $59 trillion under its roof and relationships with over 90% of Fortune 100 companies, is now the plumbing beneath dollar-denominated digital money for institutional finance.
For price, probably bullish. For autonomy, worth pausing on. Every on-ramp and off-ramp running through a single regulated institution is a single point of control — and one that answers to regulators, not users.
Sources · 6
- BNY Mellon and Circle Expand Partnership, Add USDC Minting and Redemption Featurespanewslab.com · T2
- BNY adds USDC minting and redemption to institutional custody platformcointelegraph.com · T1
- BNY and Circle expand partnership, adding mint and burn capabilities for USDCtheblock.co · T1
- COINDESK: Wall Street's BNY expands stablecoin services for institutions, starting with Circle's USDCcoindesk.com · T2
- BNY makes USDC the first stablecoin on its custody platformbsc.news · T2
- BNY unlocks USDC minting and redemption for institutional clientscrypto.news · T2