BNY Bolsters USDC Support for Institutional Clients

Bank of New York Mellon (BNY) has expanded its stablecoin partnership with Circle by adding USD Coin (USDC) minting and redemption support to its Digital Asset Custody platform.

The new service allows institutional clients to hold, transfer, mint, and redeem USDC through BNY's infrastructure, giving them a direct way to convert between US dollars and USDC.

This move brings BNY's reserve custody role into client-facing digital assets activity, with the bank planning to support more stablecoin issuers over time.

BNY oversees $59.3 trillion in assets under custody and administration, making this a significant step for institutional stablecoin access.