BNY, the world’s largest custody bank with $59 trillion in assets, has expanded its digital asset services by adding Circle’s USDC to its Digital Asset Custody platform. Now, institutional clients can hold USDC with BNY, convert U.S. dollars into the stablecoin, and redeem USDC back into dollars through the bank. BNY also plans to support more regulated stablecoins in the future.
The latest integration strengthens BNY’s partnership with Circle. The bank already serves as the primary custodian for the reserves backing USDC, and the expanded service enables institutions to manage both traditional cash and digital assets through a single platform.
This news is available in a stablecoins market as they become mainstream among banks, asset managers, and payment providers after the GENIUS Act created a federal framework for dollar-backed stablecoins.
Unlike cryptos, stablecoins are cryptocurrencies pegged to more stable assets, such as cash and short-term US Treasury. They have gained traction among crypto-traders, but their use now extends to cross-border payments, settlements of securites, and treasury management.
Markets have grown increasingly confident about the prospects of stablecoins for the future. For example, Standard Chartered projects the market value of stablecoins to reach up to $300 billion now to $2 trillion by 2028, while Citi estimates it will hit $4 trillion by 2030. USDC has a market value of over $73 billion, ranking it second in the market.
We’re expanding our relationship with @BNYglobal to give their clients connectivity between onchain and traditional assets.@USDC will be the first stablecoin on BNY’s Digital Asset Custody platform, enabling clients to store, transfer, mint and burn USDC.…
— Circle (@circle) June 29, 2026
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