BNY expands relationship with Circle
30 June 2026 US
Image: tanit/stock.adobe.com
BNY, a global financial services company, has expanded its relationship with Circle Internet Group, as part of new stablecoin enablement capabilities for institutional clients.
Circle USDC will be the first stablecoin on BNY’s Digital Asset Custody platform, enabling BNY clients to store, transfer, mint, and burn USDC.
This launch extends BNY’s role as primary custodian of USDC reserves, and allows its clients to hold USDC in their digital asset custody wallets at BNY.
Through BNY, the clients are able to instruct Circle to convert US dollars into USDC and to redeem USDC for US dollars.
These capabilities support the full lifecycle of institutional stablecoin activity, creating a direct link between fiat and digital asset custody services within a single institutional framework.
BNY plans to widen support to additional stablecoin issuers and digital cash workflows over time.
By combining custody and cash management services within a single operating model, the firm says it is helping clients access new opportunities in blockchain-based networks with the controls and governance required for institutional markets.
Carolyn Weinberg, chief product and innovation officer, BNY, remarks: “As digital assets become increasingly integrated into financial markets, institutions need infrastructure that seamlessly works across traditional and blockchain-based systems.
“With the addition of our enhanced stablecoin enablement capabilities, we’re expanding the ways clients can move value with the operational scale, trust and resiliency they expect from BNY.”
Kash Razzaghi, chief commercial officer, at Circle, adds: “This is the next chapter in a longstanding relationship that now gives BNY clients connectivity between on-chain and traditional assets, within the infrastructure they already trust.”
Circle USDC will be the first stablecoin on BNY’s Digital Asset Custody platform, enabling BNY clients to store, transfer, mint, and burn USDC.
This launch extends BNY’s role as primary custodian of USDC reserves, and allows its clients to hold USDC in their digital asset custody wallets at BNY.
Through BNY, the clients are able to instruct Circle to convert US dollars into USDC and to redeem USDC for US dollars.
These capabilities support the full lifecycle of institutional stablecoin activity, creating a direct link between fiat and digital asset custody services within a single institutional framework.
BNY plans to widen support to additional stablecoin issuers and digital cash workflows over time.
By combining custody and cash management services within a single operating model, the firm says it is helping clients access new opportunities in blockchain-based networks with the controls and governance required for institutional markets.
Carolyn Weinberg, chief product and innovation officer, BNY, remarks: “As digital assets become increasingly integrated into financial markets, institutions need infrastructure that seamlessly works across traditional and blockchain-based systems.
“With the addition of our enhanced stablecoin enablement capabilities, we’re expanding the ways clients can move value with the operational scale, trust and resiliency they expect from BNY.”
Kash Razzaghi, chief commercial officer, at Circle, adds: “This is the next chapter in a longstanding relationship that now gives BNY clients connectivity between on-chain and traditional assets, within the infrastructure they already trust.”
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