Together Circle and BNY Mellon are committed to building a stable and resilient financial ecosystem for the future
Circle Selects BNY Mellon to Custody USDC Reserves. (Credit: Firmbee from Pixabay)
Circle Internet Financial, LLC (Circle) announced that BNY Mellon, the largest global asset servicer, was selected as a primary custodian for USD Coin (USDC) reserves. Circle is a global internet finance firm that provides internet-based payments and financial infrastructure to businesses of all sizes and is the sole issuer of USDC. USDC is one of the fastest growing dollar digital currencies in the world with over $52 billion in circulation as of March, 20221.
BNY Mellon has been a pioneer in the global capital markets for over 237 years. The firm is committed to advancing a stable and resilient financial ecosystem to enable economic growth. This newly announced relationship between BNY Mellon and Circle will facilitate an exchange of expertise on a range of topics across digital and traditional markets, including the bridging of traditional and digital capital markets, investment management, digital asset custody, cash management for fiat and non-fiat payments, and the exploration of digital cash for purposes of settlement.
“We are at a point in the evolution of our industry where the digitization of assets is presenting new and exciting opportunities to a broad range of market participants. BNY Mellon continues to provide products and services to players in this evolving market,” said Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon. “Our role as a custodian for USDC reserves supports the broader marketplace and brings value to clients, founded on our role at the intersection of trust and innovation.”
“Building trust, stability and resilience in the digital asset economy is foundational to Circle’s mission. As we continue to see exponential growth in USDC, the opportunity to work with BNY Mellon is one way we build bridges between traditional financial services and emerging digital asset markets, without sacrificing trust. Together, we will leverage our respective areas of expertise to innovate and build the financial ecosystem of the future,” said Jeremy Allaire, Co-Founder and CEO at Circle.
Source: Company Press Release