BNY Mellon Expands Stablecoin Custody Services for Institutions with Circle's USDC
BNY Mellon, the largest custody bank globally, is launching custody and minting services for Circle’s USDC, deepening its integration into stablecoin infrastructure. This development reflects increasing demand for regulated stablecoin services among traditional financial institutions, according to a report by CoinDesk.
BNY Mellon has announced that it will allow institutional clients to custody, mint, and redeem Circle's USDC through its Digital Asset Custody platform. This initiative marks the first stablecoin support for BNY's platform, which oversees approximately $59 trillion in assets.
The move comes as BNY seeks to deepen its role within the USDC ecosystem, where it already serves as the primary custodian for the reserves backing the stablecoin. Institutional clients will now be able to manage their cash alongside digital assets through the same platform.
As interest in stablecoins expands among banks and asset managers, the announcement follows broader regulatory developments, particularly the 2025 GENIUS Act, which established a federal framework for U.S. dollar-backed stablecoins. The Act is expected to spur institutional adoption by providing rules around reserve assets and regulatory oversight.
Circle's USDC currently ranks as the second-largest stablecoin, boasting a market capitalization exceeding $73 billion. Stablecoins serve various functions beyond trading, finding applications in payments, cross-border transactions, and securities settlements. Industry forecasts, such as those from Standard Chartered, predict the stablecoin market could grow from an estimated $300 billion to $2 trillion by the end of 2028.
Carolyn Weinberg, BNY's chief product and innovation officer, stated, "As digital assets become increasingly integrated into financial markets, institutions need infrastructure that seamlessly works across traditional and blockchain-based systems." This sentiment underscores the evolving needs of financial institutions as they navigate the integration of digital assets into their services.
As BNY Mellon looks to potentially support additional stablecoin issuers in the future, this first step reflects a significant shift towards mainstream acceptance and infrastructure for digital currencies within the financial sector, emphasizing the need for secure, regulated solutions for managing digital assets.
Summary based on original reporting by Krisztian Sandor at CoinDesk, originally published Jun 29, 2026. SolanaWire does not republish source content.
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