BNY to Provide Comprehensive Stablecoin Services Combining Custody with Mint and Burn Capabilities

BNY, a global financial services company, announced an expanded relationship with Circle Internet Group, Inc. as part of new stablecoin enablement capabilities for institutional clients. Circle USDC will be the first stablecoin on BNY’s Digital Asset Custody platform, enabling BNY clients to store, transfer, mint and burn USDC.

This launch expands BNY’s role as primary custodian of USDC reserves. BNY clients can now hold USDC in their digital asset custody wallets at BNY, and through BNY they can instruct Circle to convert (“mint”) U.S. dollars into USDC and to redeem (“burn”) USDC for U.S. dollars. These capabilities support the full lifecycle of institutional stablecoin activity, creating a direct link between fiat and digital asset custody services within a single institutional framework. Over time, BNY plans to expand support to additional stablecoin issuers and digital cash workflows.

“As digital assets become increasingly integrated into financial markets, institutions need infrastructure that seamlessly works across traditional and blockchain-based systems,” said Carolyn Weinberg, Chief Product & Innovation Officer at BNY. “With the addition of our enhanced stablecoin enablement capabilities, we’re expanding the ways clients can move value with the operational scale, trust and resiliency they expect from BNY.”

BNY’s stablecoin enablement capabilities are part of its integrated Digital Assets platform, which is designed to help institutional clients navigate the convergence of traditional and digital finance. By combining custody and cash management services within a single operating model, BNY is helping clients access new opportunities in blockchain-based networks with the controls, resiliency and governance required for institutional markets.

“BNY has always been where institutional finance moves first, and making USDC the first stablecoin included in their new offering reflects the regulatory rigor Circle has built into USDC from day one,” said Kash Razzaghi, Chief Commercial Officer at Circle. “This is the next chapter in a longstanding relationship that now gives BNY clients connectivity between on-chain and traditional assets, within the infrastructure they already trust.”

Source: BNY