Circle Selects BNY Mellon to Custody USDC Reserves
Mar 31, 2022, 09:00 ET
Together Circle and BNY Mellon are committed to building a stable and resilient financial ecosystem for the future
BOSTON , March 31, 2022 /PRNewswire/ -- Today Circle Internet Financial, LLC (Circle) announced that BNY Mellon, the largest global asset servicer, was selected as a primary custodian for USD Coin (USDC) reserves. Circle is a global internet finance firm that provides internet-based payments and financial infrastructure to businesses of all sizes and is the sole issuer of USDC. USDC is one of the fastest growing dollar digital currencies in the world with over $52 billion in circulation as of March, 20221.
BNY Mellon has been a pioneer in the global capital markets for over 237 years. The firm is committed to advancing a stable and resilient financial ecosystem to enable economic growth. This newly announced relationship between BNY Mellon and Circle will facilitate an exchange of expertise on a range of topics across digital and traditional markets, including the bridging of traditional and digital capital markets, investment management, digital asset custody, cash management for fiat and non-fiat payments, and the exploration of digital cash for purposes of settlement.
"We are at a point in the evolution of our industry where the digitization of assets is presenting new and exciting opportunities to a broad range of market participants. BNY Mellon continues to provide products and services to players in this evolving market," said Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon. "Our role as a custodian for USDC reserves supports the broader marketplace and brings value to clients, founded on our role at the intersection of trust and innovation."
"Building trust, stability and resilience in the digital asset economy is foundational to Circle's mission. As we continue to see exponential growth in USDC, the opportunity to work with BNY Mellon is one way we build bridges between traditional financial services and emerging digital asset markets, without sacrificing trust. Together, we will leverage our respective areas of expertise to innovate and build the financial ecosystem of the future," said Jeremy Allaire, Co-Founder and CEO at Circle.
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is the sole issuer of USD Coin (USDC), one of the fastest growing dollar digital currencies powering always-on internet-native commerce and payments. Today, Circle's transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through the frictionless exchange of financial value. Additionally, Circle operates SeedInvest, a leading startup fundraising platform in the U.S. Learn more at https://circle.com.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of Dec. 31, 2021, BNY Mellon had $46.7 trillion in assets under custody and/or administration, and $2.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
SOURCE Circle Internet Financial, LLC
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