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Wall Street's BNY expands stablecoin services for institutions, starting with Circle's USDC
Key takeaways
- The bank said Monday that USDC will become the first stablecoin supported on its Digital Asset Custody platform.
- The move expands BNY's role in the USDC ecosystem.
- BNY said it plans to support additional stablecoin issuers over time.
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 move expands BNY's role in the USDC ecosystem. The bank already serves as the primary custodian of the reserves backing the stablecoin. The new offering lets institutions manage both their cash and digital assets through a single platform.
BNY said it plans to support additional stablecoin issuers over time.
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