BNY Mellon, one of America’s oldest banks, will serve as custody for Circle’s USDC reserves.
USDC issuer Circle has selected rooted US bank BNY Mellon as the primary custodian of USDC reserves. Circle chairman Jeremy Allaire suggested in July last year that all of his reserves were backed by cash and short-term treasury bills, after facing claims that only 61% of reserves were backed.
USDC, which has grown by 21% in the last three months to a market cap of $51.4 billion, represents the second largest stablecoin after Tether.
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