The Bank of New York Mellon became a custodian of USDC reserves

The Bank of New York Mellon became a custodian of USDC reserves

Stablecoin issuer USDC Circle Internet Financial said the company chose BNY Mellon, in part because the New York-based bank is the world’s largest servicer of financial assets.

In a joint statement, BNY Mellon and Circle said 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 areas of combining traditional and digital markets, digital asset storage, investment management, cash for fiat and non-fiat funds, traditional fiat payments and research on digital money as a method of settlement.

In early 2021, BNY Mellon opened a dedicated division to develop a crypto-asset management platform and build infrastructure for the transfer, storage and issuance of cryptocurrencies.

In February 2022, The Bank of New York Mellon announced a partnership agreement with analytics company Chainalysis to jointly monitor cryptocurrency transactions for illicit activity and determine risk levels.

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Written by Renat
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