BNY Mellon has been selected by Circle Internet Financial as primary custodian for USD coin (USDC) reserves.
As a global internet finance firm, Circle provides internet-based payments and financial infrastructure to companies of all sizes. Circle is the sole issuer of USDC, one of the fastest-growing dollar digital currencies in the world with more than US$52 billion in circulation in March 2021.
The new relationship will see BNY Mellon and Circle facilitate an exchange of knowledge across digital and traditional markets, ranging investment management, digital asset custody, cash management and digital cash for settlement purposes, to construct a stable financial ecosystem for the future.
Commenting on the partnership, Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, explains: “We are at a point in the evolution of our industry where the digitisation of assets is presenting new and exciting opportunities to a broad range of market participants.
“Our role as a custodian for USDC reserves supports the broader marketplace and brings value to clients, founded on our role at the intersection of trust and innovation.”
Jeremy Allaire, co-founder and CEO at Circle, adds: “Building trust, stability and resilience in the digital asset economy is foundational to Circle’s mission. 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.”
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