Bank of New YorkInstitutional clients can now hold… US dollars Stablecoins in bank digital asset wallets and guidance to the stablecoin issuer, Internet circle groupthrough BNY, to convert USD to USDC and redeem USDC for USD.
BNY said on Monday (June 29) that the potential to enable these new stablecoins for institutional clients results from the expanded relationship between BNY and Circle. press release.
With this expansion, USDC became BNY’s first stablecoin Custody of digital assets The software, which supports the full lifecycle of institutional stablecoin activity and connects fiat and digital asset custody services within a single institutional framework, according to the statement.
BNY plans to expand this program to support additional stablecoin issuers and digital fiat workflows, according to the statement.
Caroline WeinbergThis offering meets the needs generated by the increasing integration of digital assets into financial markets, BNY’s chief product and innovation officer said in the statement.
“By adding our enhanced capabilities to enable stablecoins, we are expanding the ways in which customers can transfer value with the operational scale, trust, and flexibility they have come to expect from BNY,” Weinberg said.
Commercial Director of the Department Cash Razaghi “This is the next chapter in a long-standing relationship that now gives BNY clients connectivity between bricks and mortar, within infrastructure they already trust,” he said in the statement.
Circle said in April 2022 that it had selected the Bank of New York as the trustee for its business ReservesWhich at that time amounted to $52 billion. The two companies said at the time in a press release that the relationship would provide a bridge between traditional and digital markets.
It was reported in March 2025 that the Bank of New York was handling additional services for Circle, including allowing some of the bank’s customers to send money to and from Stable coin A company to buy or sell Circle’s stablecoins.
BNY said in July 2025 that it had been selected by the blockchain company ripple To provide primary custody for Ripple Stablecoin reserves. The companies said at the time in a press release that they were committed to paving the way for institutional-level adoption of digital assets and bridging the gap between traditional finance and crypto ecosystems.
