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BNY Mellon Adds USDC to Its Digital Asset Custody Platform

That change lets institutions custody, transfer, trigger minting or redemption of USDC within BNY’s regulated infrastructure, signaling plans to add more stablecoin issuers.

BNY
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Bny gives institutions power to mint and burn usdc directly from custody

Overview

  • BNY Mellon, which announced the move Monday, made Circle’s USDC the first stablecoin supported on its Digital Asset Custody platform.
  • Institutional clients can now hold USDC in BNY custody wallets, move tokens on-chain, and instruct Circle to mint or redeem USDC from U.S. dollars through the bank.
  • The announcement linked on‑chain stablecoin flows with traditional cash and custody services and produced a modest market response with BNY shares rising about 1.4%.
  • The rollout builds on BNY’s existing role as primary reserve custodian for USDC since March 31, 2022, and its prior work custoding other issuer reserve arrangements such as Societe Générale’s USD CoinVertible.
  • The integration reduces operational steps for institutions entering tokenized-dollar workflows and could speed adoption as the U.S. stablecoin rulebook and bank demand make regulated on‑chain settlement more practical.