BNY adds USDC services for institutions

• BNY enabled institutional clients to mint, redeem, store and transfer USD Coin (CRYPTO:USDC) through its Digital Asset Custody platform.
• The move expands BNY's partnership with Circle beyond safeguarding USDC reserves to providing client-facing stablecoin services.
• BNY said it plans to add more stablecoins over time as banks increase investment in digital asset infrastructure.

BNY has enabled institutional clients to mint, redeem, store and transfer USD Coin (CRYPTO:USDC) directly through its Digital Asset Custody platform, expanding its digital asset services.

The update extends BNY's existing relationship with Circle, under which the bank already acts as the primary custodian for the reserves backing USDC, while allowing institutional clients to convert US dollars into USDC and redeem the token within the same platform.

BNY said it plans to add support for more stablecoins and digital cash workflows over time, although it did not provide a timeline or identify which assets may be added next.

The bank said it oversees US$59.3 trillion in assets under custody and administration, while USDC has more than US$73.8 billion in circulation and the total stablecoin market is valued at about US$313 billion, according to DefiLlama.

The expansion places stablecoin issuance, redemption and custody within BNY's existing institutional infrastructure, and following the announcement BNY's share price was unchanged.

The launch follows BNY's partnership with Abu Dhabi-based Finstreet and the ADI Foundation to develop institutional custody services for Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH), with plans to later include stablecoins and tokenised real-world assets.

BNY joins firms including JPMorgan Chase, State Street and Invesco in expanding products linked to stablecoin reserves, tokenised cash management and institutional digital asset infrastructure.

At the time of reporting, Bitcoin price was $60,128.06.