On Thursday, USD Coin (USDC) operator Circle announced that it had selected financial institution BNY Mellon (NYSE:BK) as the custodian of its USDC reserves. Founded in 1784, BNY Mellon is one of the oldest banks in America and possesses over $46.7 trillion in assets under custody or administration worldwide. It serves as a single point of contact for clients looking to manage their investments. With the new partnership, BNY Mellon said it will also explore the possibility of using digital cash for settlement purposes. Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, gave the following remarks:
Meanwhile, Jeremy Allaire, co-founder and CEO at Circle, added: