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Circle selects BNY Mellon as custodian of USDC reserves

 


On Thursday , Circle, the company behind USD Coin ( USDC ), announced that it has chosen financial institution BNY Mellon to act as custodian for its USDC reserves. Founded in 1784, BNY Mellon is one of America's oldest banks. It holds and manages assets totaling over US$46.7 trillion worldwide. It acts as a one-stop shop for customers who want to manage their assets. As part of the new partnership, BNY Mellon says it will also look into using digital cash for billing purposes. Roman Regelman, CEO of Asset Servicing and Digital Lead at BNY Mellon, commented: 


"We are at a point in the evolution of our industry where the digitization of assets is opening up new and exciting opportunities for a very large number of market participants. As custodian of the USDC reserves, we support the overall market and bring value to clients, where we play the role act as the interface between trust and innovation."

Jeremy Allaire, Circle co-founder and CEO added:


"As we continue to see USDC growing exponentially, working with BNY Mellon gives us the opportunity to bridge traditional financial services and the emerging digital asset markets without sacrificing trust."

With over $52 billion in circulation (as of March 2022), USDC is among the fastest growing digital dollar currencies in the world. As Cointelegraph previously reported, total stablecoin supply hit $180 billion last month. The United States is one of the most regulation-friendly countries when it comes to stablecoins. US Federal Reserve Governor Waller had previously expressed skepticism about the launch of a central bank digital currency as it would potentially hamper innovation in the private stablecoin sector . 

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