Circle Picks BNY Mellon to Custody USDC Reserves

Time Stamp: April 1, 2022 2:58 AM
Source Node: 1243916

Circle Picks BNY Mellon to Custody USDC Reserves

Circle Internet Financial has announced that the company has selected BNY Mellon to custody its reserves of USD Coin (USDC), a stablecoin whose value is directly pegged to the U.S. dollar. BNY Mellon Becomes the Primary Custodian for USDC Circle has chosen America’s oldest investment bank to custody the firm’s usd coin (USDC) reserves, according to a recent announcement. While BNY Mellon will become the primary custodian for USDC, Circle expects the partnership to further “facilitate an exchange of expertise on a range of topics across digital and traditional markets.” “As we continue to see exponential growth in USDC, the opportunity to work with BNY Mellon is one way we build bridges between traditional financial services and emerging digital asset markets, without sacrificing trust. Together, we will leverage our respective areas of expertise to innovate and build the financial ecosystem of the future,” Circle CEO and co-founder Jeremy Allaire said in the announcement release. Building trust, stability and resilience in the digital asset economy is foundational to our mission. Alongside @BNYMellon we’re creating a stable and resilient financial ecosystem for the future.https://t.co/Asq1yzgM7w — Circle (@circlepay) March 31, 2022 In February 2021, BNY Mellon announced the creation of a Digital Assets unit. A month later, the company selected Fireblocks as its technology partner for digital asset custody. Circle is the Principal Operator of USDC Circle is the principal operator of USD Coin (USDC), which has a nearly $51 billion market capitalization, according to CoinGecko. At the time of writing, USDC is the second-largest stablecoin just behind tether (USDT). During the last 24 hours, the stablecoin has seen $4.81 billion in global trade volume.

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