BNY Adds USDC Issuance and Redemption Functionality to Institutional Custody Platform

BNY has added USDC issuance and redemption capabilities to its institutional digital asset custody platform. Institutional clients can now convert U.S. dollars to USDC and redeem USDC back to dollars through BNY. The service expansion marks BNY's first support for a stablecoin, with plans to broaden services to other stablecoins and digital cash operations. This move expands BNY's collaboration with Circle, moving beyond custody of reserve assets to offering stablecoin services directly to clients. BNY manages over $593 billion in custody assets and serves more than 90% of Fortune 100 companies. USDC, the second-largest stablecoin by market cap, has over $73.8 billion in circulation.