Published: 01.04.2022
Article reading time:
1 minute.
Circle has chosen BNY Mellon, one of America’s oldest banks, as the primary custodian of its stablecoin.
USDC stablecoin issuer Circle Internet Financial announced that the company chose BNY Mellon, among other things, because the New York bank is the world’s largest service center for financial assets.
In a joint statement, BNY Mellon and Circle say that their collaboration will facilitate the exchange of practical experience in digital and traditional financial markets. The main areas of joint work will be cooperation programs in the field of combining traditional and digital markets, storing digital assets, managing investments, money for fiat and non-monetary funds, making traditional fiat payments and exploring digital money as a payment method.
At the beginning of 2021, BNY Mellon opened a specialized division for the development of a platform for managing crypto assets and creating an infrastructure for the transfer, storage and issuance of cryptocurrencies.
In February 2022, The Bank of New York Mellon announced it had partnered with Chainalysis, an analytics company, to jointly monitor cryptocurrency transactions for illegal activity and determine the level of risk.
Source: Bits
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