BNY Mellon, one of the world's largest custody banks, added Circle's USDC to its custody platform, giving institutional clients a way to mint-and-burn the stablecoin through the bank.
The company said on June 29 that USDC will be the first stablecoin supported on BNY's Digital Asset Custody platform, expanding its existing role as primary custodian for USDC reserves.
- AS BNY Mellon said, clients will be able to hold USDC in digital asset custody wallets at the bank and instruct Circle, the issuer of USDC, to handle those mint-and-burn conversions.
Circle said the launch gives BNY clients connectivity between on-chain and traditional assets through infrastructure they already use.
"BNY has always been where institutional finance moves first, and making USDC the first stablecoin included in their new offering reflects the regulatory rigor Circle has built into USDC from day one."
Kash Razzaghi, Circle Chief Commercial Officer
Kash Razzaghi, Circle Chief Commercial Officer
BNY Mellon said it also plans to expand support over time to more stablecoin issuers and digital cash workflows, though it didn't elaborate on the matter.
- BNY Mellon said it serves more than 90% of Fortune 100 companies and nearly all of the top 100 banks globally, with $59.3 trillion in assets under custody or administration as of December 2025.