BNY to support USDC custody, issuance on digital asset platform

BNY (formerly The Bank of New York Mellon) announced an expansion of its collaboration with Circle, the issuer of USDC, to support the custody, transfer, issuance, and redemption of the stablecoin on its digital asset custody platform for institutional clients. With this move, USDC becomes the first stablecoin to be utilized on BNY's platform. Clients can now hold USDC in their BNY digital asset custody wallets and use BNY to convert U.S. dollars into USDC or redeem USDC for U.S. dollars. BNY also stated it plans to extend its support to other stablecoin issuers and digital cash services in the future.