BNY lets institutions custody and mint USDC, expanding stablecoin services

BNY, the world's largest custody bank with $59 trillion in assets, will let institutional clients custody, mint and redeem Circle's USDC through its digital asset platform, with plans to support more stablecoin issuers.

• BNY already serves as primary custodian of USDC's reserve assets; now adds custody, minting and redemption services.
• Clients can manage both cash and digital assets through a single BNY platform.
• Standard Chartered projects the stablecoin market could grow from $300B to $2 trillion by 2028.
• The GENIUS Act (2025) established a U.S. federal framework for dollar-backed stablecoins, accelerating adoption.

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