BNY Adds USDC Minting and Custody for Institutional Clients

The move allows large financial institutions to convert U.S. dollars into USDC and vice versa within a regulated custody environment. By integrating these services, BNY joins a growing cohort of major firms, including JPMorgan, Invesco, and State Street, that are building products around stablecoin reserves and tokenized cash management.

BNY oversees $59.3 trillion in assets under custody and serves over 90% of Fortune 100 companies. While Circle remains the issuer of the token, BNY’s role now encompasses the movement and storage of the asset, which currently holds a market circulation of more than $73.8 billion. The bank has indicated plans to support additional stablecoins and digital cash workflows in the future, though it has yet to provide a specific timeline or identify upcoming assets. This development follows the bank’s recent initiatives in digital asset custody, including a partnership with Abu Dhabi-based Finstreet to facilitate Bitcoin and Ether services.