BNY Expands Custody Platform With USDC Minting and Redemption for Institutions

BNY has expanded its Digital Asset Custody platform to support Circle's USD Coin, enabling institutional clients to mint, redeem, transfer, and hold USDC directly through the bank. USDC is the first stablecoin integrated into the platform, marking a significant step by one of the world's largest custodian banks into tokenized cash infrastructure. The service allows clients to convert US dollars into USDC and redeem USDC back into dollars through BNY's custody environment. With more than $73.8 billion in circulation, USDC is the second-largest stablecoin by market capitalization. BNY already serves as the primary custodian for assets backing USDC and plans to expand stablecoin support over time.
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