USDC operator circlepay signed with 230-year-old bank BNYMellon to keep its reserves under custody.
that it had selected financial institution BNY Mellon as the custodian of its USDC reserves. Founded in 1784, BNY Mellon is one of the oldest banks in America and possesses over $46.7 trillion in assets under custody or administration worldwide. It serves as a single point of contact for clients looking to manage their investments. With the new partnership, BNY Mellon said it will also explore the possibility of using digital cash for settlement purposes.
"We are at a point in the evolution of our industry where the digitization of assets presents new and exciting opportunities to a broad range of market participants. As a custodian for USDC reserves, our role supports the broader marketplace and brings value to clients, founded on our role at the intersection of trust and innovation.
USDC is one of the fastest-growing dollar digital currencies globally with over $52 billion in circulation as of March 2022. As previously reported by Cointelegraph, the
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