BNY, the world's largest custody bank, has expanded its digital asset platform to include USDC custody, minting and redemption services for institutional clients through its partnership with Circle.
The bank, which oversees $59 trillion in assets, announced the move on Monday. USDC will become the first stablecoin supported on BNY's Digital Asset Custody platform. Institutional clients can now hold USDC in custody at the bank and instruct Circle to convert U.S. dollars into the stablecoin or redeem it back into dollars.
BNY already serves as the primary custodian of the reserves backing USDC. The new services allow institutions to manage both cash and digital assets on a single platform. The bank plans to expand support to additional stablecoin issuers over time.
The announcement follows the 2025 passage of the GENIUS Act, which established a federal framework for U.S. dollar-backed stablecoins. Carolyn Weinberg, chief product and innovation officer at BNY, said institutions need infrastructure that works across traditional and blockchain-based systems as digital assets integrate into financial markets.
