USDC became the first stablecoin integrated into BNY’s Digital Asset Custody platform. The integration allows the bank’s institutional clients to store, transfer, mint, and burn the token within a single infrastructure.
Bank of New York Mellon Corporation (BNY Mellon), one of the world’s largest financial services companies, announced an expanded partnership with Circle and the integration of the USDC stablecoin into its Digital Asset Custody platform.
BNY launched Digital Asset Custody in 2022 with support for custody and transfers of Bitcoin and Ethereum. The platform was designed to enable institutional market participants to manage digital assets within a regulated environment.
The initiative allows BNY’s institutional clients to manage both U.S. dollar balances and USDC through a unified banking infrastructure. Using Digital Asset Custody, they can store stablecoins, mint USDC in exchange for U.S. dollars, and burn tokens for fiat currency.
BNY Mellon serves more than 90% of Fortune 100 companies and nearly all of the world’s largest banks. As of March 31, 2026, the bank held $59.4 trillion in assets under custody and administration and $2.1 trillion in assets under management.
According to Carolyn Weinberg, Chief Product and Innovation Officer at BNY, the continued development of Digital Asset Custody is intended to give institutional market participants the ability to work with both traditional financial instruments and blockchain networks while maintaining the scalability, reliability, and operational controls they require.
Kash Razzaghi, Chief Commercial Officer at Circle, said USDC’s selection as the first stablecoin supported on BNY’s platform reflected the company’s longstanding focus on regulatory compliance as it developed the asset.
Going forward, BNY plans to expand the platform by adding support for stablecoins issued by other providers, as well as additional digital asset use cases. The bank is also actively testing tokenized deposits for everyday payments and implementing tokenized bank deposits.
