BNY Mellon will be the primary custodian for Circle’s stablecoin, according to a recent announcement.
The press release dated March 31 reads that the newly-established collaboration between the two parties will “facilitate an exchange of expertise on a range of topics across digital and traditional markets.”
These include the bridging of legacy and digital capital markets, investment management, digital asset custody, cash management for fiat and non-fiat payments, and “the exploration of digital cash for purposes of settlement.”
“Our role as a custodian for USDC reserves supports the broader marketplace and brings value to clients, founded on our role at the intersection of trust and innovation.” – commented the CEO of Asset Servicing and Head of Digital at the bank – Roman Regelman.
Jeremy Allaire, co-founder and CEO of Circle, added that the partnership with BNY will allow his company to “build bridges between traditional financial services and emerging digital asset markets, without sacrificing trust.”
USDC is among the fastest-growing stablecoins with a market cap of over $50 billion. It trails only to Tether when compared to other stablecoins, but, overall, it’s the fifth-largest cryptocurrency by market capitalization.