{"id":59494,"date":"2022-04-01T11:53:11","date_gmt":"2022-04-01T08:53:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=59494"},"modified":"2025-09-04T22:08:18","modified_gmt":"2025-09-04T19:08:18","slug":"bny-mellon-named-primary-custodian-of-usdc-reserves","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bny-mellon-named-primary-custodian-of-usdc-reserves\/","title":{"rendered":"BNY Mellon named primary custodian of USDC reserves"},"content":{"rendered":"<p>Circle has named BNY Mellon as the primary custodian for the reserves of its USD Coin (USDC) stablecoin.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Building trust, stability and resilience in the digital asset economy is foundational to our mission. Alongside <a href=\"https:\/\/twitter.com\/BNYMellon?ref_src=twsrc%5Etfw\">@BNYMellon<\/a> we\u2019re creating a stable and resilient financial ecosystem for the future.<a href=\"https:\/\/t.co\/Asq1yzgM7w\">https:\/\/t.co\/Asq1yzgM7w<\/a><\/p>\n<p>\u2014 Circle (@circlepay) <a href=\"https:\/\/twitter.com\/circlepay\/status\/1509517918782070787?ref_src=twsrc%5Etfw\">March 31, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Working with BNY Mellon is one way to bridge traditional financial services and developing digital asset markets without compromising trust,&#8221;<\/em> said Circle co-founder and CEO Jeremy Allaire.<\/p>\n<\/blockquote>\n<p>The collaboration envisages sharing expertise in areas such as the integration of traditional and digital capital markets, investment management, custody of digital assets, treasury management in fiat and in crypto, and the use of stablecoins in settlements.<\/p>\n<p>According to <a href=\"https:\/\/www.coingecko.com\/en\/categories\/stablecoins\">CoinGecko<\/a>, the market capitalization of USDC stands at $51.5 billion, versus the leader (USDT) at $82.1 billion. The gap between stablecoins <a href=\"https:\/\/forklog.com\/en\/news\/usdc-and-busd-issuance-growth-outpaces-tethers-usdt\">had been narrowing<\/a> since September 2020. In January 2022 the supply of USDC on the Ethereum blockchain <a href=\"https:\/\/forklog.com\/en\/news\/usdc-supply-on-ethereum-overtakes-usdt-for-the-first-time\">first surpassed<\/a> the leader USDT.<\/p>\n<p>In addition to Ethereum, Circle supports USDC in the networks Algorand, <a href=\"https:\/\/forklog.com\/en\/news\/usdc-stablecoin-launched-on-the-solana-blockchain\">Solana<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/usdc-stablecoin-launches-on-the-stellar-blockchain\">Stellar<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/centre-consortium-launches-usdc-stablecoin-on-the-tron-blockchain\">Tron<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/centre-consortium-launches-usdc-stablecoin-on-hedera-hashgraph\">Hedera Hashgraph<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/circle-launches-usdc-stablecoin-on-the-avalanche-blockchain\">Avalanche<\/a> and<a href=\"https:\/\/forklog.com\/en\/news\/circle-launches-usdc-stablecoin-on-flow-blockchain\"> Flow<\/a>. The company <a href=\"https:\/\/forklog.com\/en\/news\/usdc-issuer-to-build-a-global-stablecoin-network\">announced<\/a> the creation of a &#8220;global network of stablecoins.&#8221;<\/p>\n<p>Circle <a href=\"https:\/\/forklog.com\/en\/news\/circle-valued-at-9bn-in-updated-spac-merger-agreement\">valued at $9 billion<\/a> as part of an updated merger agreement with SPAC. The shares will be listed on the New York Stock Exchange under ticker CRCL.<\/p>\n<p>In August 2021 Circle <a href=\"https:\/\/forklog.com\/en\/news\/circle-to-become-a-national-full-reserve-digital-currency-commercial-bank\">promised<\/a> to restructure into a commercial cryptocurrency bank. In the same move, the company and its Centre consortium partner \u2014 the exchange Coinbase \u2014 <a href=\"https:\/\/forklog.com\/en\/news\/usdc-issuer-to-shift-reserves-into-cash-and-u-s-treasuries\">agreed to transfer<\/a> the reserves of the stablecoin fully into dollars and U.S. Treasuries.<\/p>\n<p>Such steps followed proposals <a href=\"https:\/\/forklog.com\/en\/news\/u-s-treasury-releases-report-on-stablecoin-risks\">to be issued<\/a> by the Working Group on Financial Markets under the US president to treat stablecoin issuers as banks.<\/p>\n<p>Back in February 2021, BNY Mellon, among the first among large financial institutions, <a href=\"https:\/\/forklog.com\/en\/news\/americas-oldest-bank-to-offer-bitcoin-custody-services\">created a custody platform<\/a> for digital assets. The holding later <a href=\"https:\/\/forklog.com\/en\/news\/bny-mellon-signs-partnership-with-chainalysis\">entered into a partnership<\/a> with Chainalysis.<\/p>\n<p>Follow ForkLog on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Circle has named BNY Mellon as the primary custodian for the reserves of the USD Coin (USDC) stablecoin.<\/p>\n","protected":false},"author":1,"featured_media":59495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1682,1220,910],"class_list":["post-59494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bny-mellon","tag-circle","tag-usdc"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/59494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=59494"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/59494\/revisions"}],"predecessor-version":[{"id":59496,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/59494\/revisions\/59496"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/59495"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=59494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=59494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=59494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}