BNY Adds USDC Minting and Redemption to Institutional Custody Platform
BNY has expanded its institutional custody platform to support USDC minting and redemption. The move strengthens its partnership with Circle and builds on its role as the primary custodian of USDC reserves.
What happened?
BNY has expanded its institutional custody platform to support USDC minting and redemption. The move strengthens its partnership with Circle and builds on its role as the primary custodian of USDC reserves.
Why it matters
The expansion also deepens BNY’s existing partnership with Circle, the company behind USDC. It extends a relationship already centered on the bank’s custody responsibilities.
BNY has added USDC minting and redemption capabilities to its institutional custody platform, expanding the services it provides around Circle’s stablecoin.
The development matters because it brings more of the USDC lifecycle into BNY’s institutional infrastructure. Clients using the platform can now access minting and redemption alongside custody services.
The expansion also deepens BNY’s existing partnership with Circle, the company behind USDC. It extends a relationship already centered on the bank’s custody responsibilities.
BNY serves as the primary custodian of USDC reserves. Adding minting and redemption support builds on that role and further connects the bank’s custody platform with USDC operations.