BNY Adds USDC Mint and Burn Directly From Custody
Summary
BNY added USDC mint and burn capabilities to its Digital Asset Custody platform on June 29, 2026 (deal with Circle), giving institutional clients a direct path between U.S. dollars and USDC without leaving the bank's infrastructure.
Key Facts
- Clients hold USDC in BNY custody wallets and instruct Circle to convert USD→USDC or redeem USDC→fiat — full lifecycle within one institutional framework.
- USDC is the first stablecoin on BNY's Digital Asset Custody platform; support for additional issuers planned.
- BNY already serves as primary custodian of USDC reserves.
- BNY oversees $59.3 trillion in assets under custody/administration (Dec 31, 2025); >90% of Fortune 100 are clients.
- Lands as U.S. stablecoin legislation (GENIUS Act) advances; Circle (CRCL) +1.88% on the news (down 30% over the prior month).
Why It Matters
The largest U.S. custodian embedding full-lifecycle stablecoin operations inside its existing custody rails — a compliance-grade institutional on-ramp that signals incumbent banks building stablecoin infrastructure ahead of GENIUS Act rulemaking rather than waiting.