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BNY Mellon Becomes ‘Primary Custodian’ of Assets Backing USDC Stablecoin

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USDC Stablecoin issuer Circle has nominated investment banking corporation BNY Mellon as the main custodian for the assets backing USDC stablecoin.

Source: Circle

BTCUSD is up down -1.08%

The bank’s CEO of Asset Servicing and Head of Digital at BNY Mellon, Roman Regelman, notes that the financial industry is at the stage of digitization of assets. The executive adds that the bank’s custody of the digital assets affirms its commitment to the cryptocurrency space.

The firm expects to benefit from the traditional financial market expertise of BNY Mellon, which is one of the oldest banks in the US, with 237 years of operations.

Circle is turning to the credibility of the bank and the long presence in the market to strengthen its operations amid criticism of the stablecoins issuers that they lack transparency.

Circle is a financial technology company that offers internet-based payment solutions to businesses and is the issuer of USDC stablecoin, which has a market capitalization of more than $52 billion.

Source: Circle

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