By Nathan Ferguson
Circle Internet Financial – a peer-to-peer processor of payments – declared today that it has initiated a partnership with BNY Mellon (Bank of New York Mellon) to make it the chief custodian for the stablecoin reserves thereof in USDC (USD Coin).
Jeremy Allaire – the co-founder and CEO of Circle – noted in his press release that with their ongoing efforts to witness advancement in USDC, the chance to operate with BNY Mellon counts as one method to construct bridges among the conventional financial services as well as the rising markets of digital assets, without costing trust.
He added that both the parties will mutually leverage their expertise zones to bring innovation as well as develop a financial ecosystem to be utilized in the future. In his words, the core elements of their goals are the inclusion of resilience, stability, as well as trust in the digital assets-based economy and the collaboration with BNY Mellon would play a key role in this respect.
Interconnecting conventional and emerging digital finance
At present, USD Coin is the fifth-biggest crypto due to the market capitalization thereof at nearly $51.8B, according to reports. The press release noted that the latest collaboration between BNY Mellon (which has been working for more than 237 years) and Circle will support the exchange of expertise related to a series of subjects throughout the conventional and digital markets.
This takes account of the integration of digital and conventional capital markets, cash management in terms of non-fiat and fiat payments, the digital cash’s exploration for settlement purposes, as well as the custody of digital assets. The allocation of BNY Mellon as a chief USDC custodian additionally backs the wider marketplace and offers value to consumers, as stated by the CEO of the bank’s asset servicing as well as the digital head, Roman Regelman.
USDC stablecoin and evolving crypto market
Apart from this, he moved on to express that they are at a point in their industry’s evolution where the assets’ digitalization is providing unique as well as thrilling chances to a vast range of market members. As per him, BNY Mellon maintains the provision of services and products to the players in the advancing market. It was previously reported that USDC has been gradually following USDT (the stablecoin of Tether) in recent months. Even then the market capitalization thereof is at about $82B.