America’s oldest investment bank, BNY Mellon, has been selected by Circle Internet Financial to custody the firm’s usd coin (USDC) reserves.
In the announcement on Thursday, Circle said to anticipate the partnership to “facilitate an exchange of expertise on a range of topics across digital and traditional markets.”
The statement further highlighted the benefits of the cooperation:
“Bridging of traditional and digital capital markets, investment management, digital asset custody, cash management for fiat and non-fiat payments, and the exploration of digital cash for purposes of settlement.”
Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, said:
“We are at a point in the evolution of our industry where the digitization of assets is presenting new and exciting opportunities to a broad range of market participants. BNY Mellon continues to provide products and services to players in this evolving market.”
At press time, USDC is the second-largest stablecoin behind tether (USDT). In the last 24 hours, USDC has seen $4.9 billion in global trade volume, with a circulating supply of 51.4 billion according to CoinMarketCap.
BNY Mellon recently partnered with Chainanalysis to set up its custodial services, thereby Chainalysis compliance software for its own risk management system. In Spring of 2021, the bank established a new hub in Dublin, Ireland, to power its operations in crypto.
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Source: Igaming
