<p><span style="font-weight: 400;">The Bank of New York Mellon (BNY) has expanded its partnership with Circle Internet Group (CRCL) to deliver full-lifecycle stablecoin capabilities to institutional clients.
Circle's USDC, the second-largest stablecoin by market capitalization, will become the first supported asset on BNY’s Digital Asset Custody platform.</span></p>
<p><span style="font-weight: 400;">Through their partnership, the <a href="https://www.bny.com/corporate/global/en/about-us/newsroom/press-release/bny-expands-relationship-circle-adds-institutional-grade-stablecoin-enablement-services.html">firms will enable users</a> to custody, transfer, mint and burn USDC directly through BNY, according to the announcement on Monday.
Institutional clients can now hold USDC in their BNY digital custody wallets and instruct the bank to convert U.S. dollars into newly minted USDC or redeem ('burn') USDC back into dollars. </span></p>
<p><span style="font-weight: 400;">The new service builds on BNY’s role as primary custodian for USDC reserves and creates a seamless bridge between traditional fiat and digital assets. </span></p>
