Wall Street's BNY expands stablecoin services for institutions, starting with Circle's USDC
BNY has expanded its Digital Asset Custody platform to include support for Circle's USDC stablecoin, allowing institutional clients to hold and convert the asset directly through the bank. This move leverages the bank's existing role as a reserve custodian to bridge traditional banking infrastructure with blockchain-based financial systems.
Why it matters
The integration signals a major shift in institutional adoption of stablecoins, facilitated by the new U.S. regulatory framework under the GENIUS Act, which aims to bring digital assets into mainstream financial operations.
The bank said Monday that USDC will become the first stablecoin supported on its Digital Asset Custody platform. Clients will be able to hold USDC in custody at BNY and instruct Circle to convert U.S. dollars into the stablecoin or redeem USDC back into dollars through the bank.
The article reports on a corporate business development and regulatory impact without using loaded language or taking a stance on the underlying assets.
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