On Thursday, USD Coin (USDC) trader, Circle, announced that it had selected the financial institution BNY Mellon as the custodian of its USDC reserves.. Founded in 1784, BNY Mellon is one of the oldest banks in America with more than $46.7 trillion in assets under custody or administration worldwide. It serves as a single point of contact for clients who wish to manage their investments. With the new partnership, BNY Mellon said it will also explore the possibility of using digital cash for settlement.. Roman Regelman, Managing Director of Asset Services and Head of Digital at BNY Mellon, made the following comments:
“We are at a point in the evolution of our industry where the digitization of assets presents new and exciting opportunities for a wide range of market participants. As the custodian of USDC reserves, our role supports the broader market and brings value to customers, founded on our role at the intersection of trust and innovation.”
For his part, Jeremy Allaire, co-founder and CEO of Circle, added
“As we continue to see USDC’s exponential growth, the opportunity to work with BNY Mellon is a way to build bridges between traditional financial services and emerging digital asset markets without sacrificing trust.”
USDC is one of the fastest growing digital dollar currencies globally, with over $52 billion in circulation as of March 2022. As Cointelegraph previously reported, the total stablecoin supply reached $180 billion last month. The United States is one of the most favorable countries for stablecoin regulation, and Federal Reserve Governor Waller previously expressed skepticism about the adoption of a central bank digital currency, saying it could stifle innovation in the U.S. the private sector of stablecoins.
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