BNY Adds USDC as the First Stablecoin on Its Institutional Custody Platform

BNY, the world's largest custody bank with $59 trillion in assets, will let institutions hold, mint, and redeem Circle's USDC, the first stablecoin on its Digital Asset Custody platform, as the GENIUS Act pulls stablecoins into mainstream banking.

BNY Adds USDC as the First Stablecoin on Its Institutional Custody Platform BNY, the world's largest custody bank with $59 trillion in assets, will let institutions hold, mint, and redeem Circle's USDC, the first stablecoin on its Digital Asset Custody platform, as the GENIUS Act pulls stablecoins into mainstream banking. Aaron Rafferty June 29, 2026 Key Takeaways BNY, the world's largest custody bank with $59 trillion in assets, said on June 29, 2026, that Circle's USDC will be the first stablecoin on its Digital Asset Custody platform. Institutional clients will be able to hold USDC in custody and instruct Circle to convert dollars into the stablecoin or redeem it back, all through the bank. The move follows the 2025 GENIUS Act and signals stablecoins moving from crypto trading into mainstream banking infrastructure. BNY, the world's largest custody bank, said on Monday that it will let institutional clients hold, mint, and redeem Circle's USDC, making it the first stablecoin supported on the bank's Digital Asset Custody platform. CoinDesk reported the bank, which oversees about $59 trillion in assets, already serves as the primary custodian of the reserves backing USDC. The new service lets institutions manage cash and digital assets in one place. A client can hold USDC at BNY and instruct Circle to turn dollars into the token or redeem the token back into dollars, with the bank sitting in the middle. BNY said it plans to support more stablecoin issuers over time. Stablecoins are built to hold a fixed value, usually one dollar, backed by cash and short-term Treasuries. They started as a tool for crypto traders and are moving into payments, cross-border transfers, and settlement. USDC is the second-largest stablecoin, with a market value ab