Circle has recently chosen financial holding BNY Mellon as the main custodian for the reserves of the stablecoin USD Coin (USDC), which it issues.
Jeremy Allaire, Circle co-founder and CEO, has said:
“Working with BNY Mellon is one way to build bridges between traditional financial services and emerging digital asset markets without compromising trust.”
The cooperation involves the exchange of experience in areas such as the integration of traditional and digital capital markets, investment management, custody of digital assets, money management in fiat and cryptocurrencies, as well as the use of stablecoins in settlements.
The USDC currently has a capitalization of $51.5 billion, while the market leader (USDT) has $82.1 billion.
