Stablecoin issuer Circle has announced BNY Mellon as the custodian of its USDC assets.
BNY Mellon was founded in 1784 and is one of America’s oldest banks, with about $46.7 trillion in assets under custody or management globally. It acts as a one-stop-shop for clients who want to manage their money.
BNY Mellon said it will look at the prospect of using digital cash for settlement as part of the new partnership. BNY Mellon’s Roman Regelman, CEO of asset servicing and head of digital, made the following comments:
“We are at a point in the evolution of our industry where the digitization of assets presents new and exciting opportunities to a broad range of market participants. As a custodian for USDC reserves, our role supports the broader marketplace and brings value to clients, founded on our role at the intersection of trust and innovation.”
Meanwhile, Circle’s co-founder and CEO, Jeremy Allaire, said:
“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.”
With nearly $52 billion in circulation as of March 2022, USDC is one of the world’s fastest-growing dollar digital currencies.
Last month, the total quantity of stablecoins was reported to reach$180 billion. The US is one of the most stablecoin-friendly countries. Although, Fed Governor Jerome Powell previously expressed reservations about the establishment of a central bank digital currency, claiming that it would discourage innovation in the private stablecoin industry.
