BNY Mellon and Circle Expand Partnership, Add USDC Minting and Redemption Features

CoinFeed June 30 news, according to The Block, BNY Mellon (BNY) and Circle Internet Group have expanded their partnership to add USDC minting and redemption features on its digital asset custody platform. Institutional clients can now hold USDC in BNY digital wallets and directly instruct the bank to complete two-way conversions between USD and USDC. USDC becomes the first stablecoin supported by the platform, and BNY says it will gradually support more stablecoin issuers in the future, initially supporting USDC on Ethereum and Solana chains. BNY was previously the primary custodian for USDC reserves, and the new service establishes a seamless bridge between traditional fiat currency and digital assets.