BNY Mellon chosen as custodian for USDC stablecoin reserves

Circle has partnered with an investment bank and will hold its reserves in its accounts

01.04.2022 - 13:00

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What’s new? Boston-based Circle Internet Financial has selected investment bank BNY Mellon as a custodian for USD Coin (USDC) reserves. Circle expects that the partnership with the bank will focus on sharing expertise in digital and traditional financial markets.

Press release on Circle’s website

What is known about USDC? USD Coin is the second-largest stablecoin pegged to the dollar. The asset ranks fifth in the list of the largest cryptocurrencies by capitalization. The trading volume of USDC amounted to $4,9 billion in 24 hours and has a total capitalization of $51,4 billion, according to CoinGecko.

What is known about BNY Mellon? It is one of America’s oldest banks, founded in 1784. It merged with Mellon Financial Corporation in December 2006, resulting in the world’s largest asset management company. The bank’s two main businesses are investment services and investment management of individuals and institutions.

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