BNY Expands Relationship with Circle

According to Markets Media, BNY, a global financial services company, announced an expanded relationship with Circle Internet Group, Inc. as part of new stablecoin enablement capabilities for institutional clients. Circle USDC will be the first stablecoin on BNY’s Digital Asset Custody platform, enabling BNY clients to store, transfer, mint and burn USDC. This launch expands BNY’s role as primary custodian of USDC reserves. BNY clients can now hold USDC in their digital asset custody wallets at BNY, and through BNY they can instruct Circle to convert (“mint”) U.S. dollars into USDC and to redeem (“burn”) USDC for U.S. dollars.