Circle Internet Financial has selected BNY Mellon as the primary custodian for its Stablecoin reserve.
The traditional banking system is cautious about dealing with digital currency companies, but Circle says the partnership will help link the traditional capital market with the digital asset market.
“We are at a point in the evolution of our industry where the digitization of assets is presenting new and exciting opportunities to a broad range of market participants,” Roman Regelman, BNY Mellon’s chief executive officer of asset servicing and head of digital.
Circle is the main operator of USD Coin (USDC), a stablecoin cryptocurrency with a value directly linked to the U.S. dollar. According to CoinGecko, the company has a nearly $52 billion market capitalization.
BNY Mellon is involved in ongoing transactions with cryptocurrencies and digital assets.
Last summer, the company partnered with Grayscale, the world’s largest digital currency manager, to enable BNY Mellon to manage both the company’s accounting and administration of the company’s Grayscale Bitcoin Trust.
For more information, read the original story in Reuters.