The bank that Alexander Hamilton helped found in 1784 just took another step into the future of money. BNY Mellon has integrated USDC into its Digital Asset Custody platform, making Circle’s dollar-backed stablecoin the first of its kind supported on the institutional custody offering.
The move expands a relationship between BNY and Circle that has been quietly building for years.
What the integration actually means
The integration allows institutional clients to hold and transfer USDC alongside other digital assets within a regulated custodial environment. Institutions can move between traditional bank accounts and USDC for minting and redemption activities without leaving BNY’s infrastructure.
BNY launched its Digital Asset Custody platform on October 11, 2022, initially supporting Bitcoin and ether for institutional clients. Adding USDC represents the platform’s first expansion into stablecoins.
