Circle, the issuer of USD Coin (USDC), the second largest stablecoin by market capitalization, has agreed with the world’s largest custody bank, Bank of New York (BNY) Mellon, to hold its USDC reserves.
Circle, 31 March in a press release published on maintaining USDC reserves under worldwide surveillance of $46.7 trillion having assets on BNY Mellon announced its agreement with
BNY MellonUSDC reserves “primary manager” with the new partnership that will be 52 billion dollars between market cap and stablecoins Tether (USDT) next Second located in USDCof the possibility of being used for payment purposes will also investigate.
Head of Digital at BNY Mellon Roman Regelman About the subject;
We are at a point in the evolution of our industry, where the digitization of assets offers new and exciting opportunities to a wide range of market participants. Our new role as custodian of USDC reserves supports the broader market and adds value to customers based on the intersection of trust and innovation.
made statements.
In the digital asset economy trust, stability and durability company to create core mission Co-Founder and CEO of Circle, emphasizing that Jeremy Allaire;
Having the opportunity to work with BNY Mellon as we continue to see exponential growth in USDC will provide a way for us to build bridges between traditional financial services and emerging digital asset markets without sacrificing trust. Together we will leverage our relevant areas of expertise to innovate and build the financial ecosystem of the future.
made statements.
stablecoins, 2021 With the increase in the cryptocurrency market in substantial growth had shown. USDCmarket value of %one thousand leading competitor while growing Tether if only 366% had increased.
How Stablecoins Have Changed in 2021: Dozens of Times Growth
Related article: How Stablecoins Have Changed in 2021: Dozens of Times Growth