BNY Mellon, the world’s largest custody bank managing around $59 trillion in assets, announced that USDC will become the first stablecoin supported on its Digital Asset Custody platform.
Through this integration, institutional clients will be able to custody, issue and redeem Circle’s stablecoin directly from the bank’s infrastructure, instructing conversions between dollars and USDC without leaving the system. BNY already operated as primary custodian of the reserves backing USDC, so the new offering expands its pre-existing relationship with Circle.
BNY Mellon also indicated that it plans to incorporate additional stablecoin issuers in the future. The move responds to the passage of the GENIUS Act in 2025, the U.S. federal law that establishes a regulatory framework for dollar-backed stablecoins and is expected to accelerate institutional adoption.
Industry projections are ambitious: Standard Chartered estimates the market could grow from the current $300 billion to $2 trillion by 2028, while Citigroup projects $4 trillion by 2030. USDC is currently the second-largest stablecoin by market capitalization, with more than $73 billion.
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