Circle, issuer of the stablecoin paired with the US dollar USDC, reported this Thursday (31) that BNY Mellon, one of the giants of Wall Street, has been selected as the main custodian of USD Coin reserves.
USDC is now the second largest stable digital currency on the market, with around $52 billion in circulation. The stablecoin is second only to USDT, issued by Tether, whose market cap is approximately $82 billion.
Meanwhile, BNY Mellon has been a pioneer in the global capital market for over 237 years.
Wall Street giant to hold USDC reserves
According to a statement released by the companies, the banking institution is committed to advancing a stable and resilient financial ecosystem to enable economic growth.
As Circle highlighted, this relationship will facilitate the exchange of knowledge on various topics in the digital and traditional markets, including bridging the gap between traditional and digital capital markets, investment management, custody of digital assets, cash management for fiat currencies, among others. other things.
“We are at a point in the evolution of our industry where asset digitization is presenting new and exciting opportunities for a wide range of market participants. As such, BNY Mellon continues to provide products and services to participants in this evolving market,” said Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon.
Also according to Regelman, BNY’s role as custodian of USDC reserves supports the broader market and adds value to clients:
Circle co-founder and CEO Jeremy Allaire emphasized that trust, stability and resilience in the digital asset economy is critical to Circle’s mission.
“As we continue to see exponential growth in USDC, the opportunity to work with BNY Mellon is a way to build bridges between traditional financial services and emerging digital asset markets without sacrificing trust. Together, we will leverage our respective areas of expertise to innovate and build the financial ecosystem of the future.”