BNY Mellon to become custodian for USDC reserves

BNY Mellon to become custodian for USDC reserves

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Circle has selected one of America’s oldest banks, BNY Mellon, as the primary custodian for the world’s second-largest stablecoin USDC’s reserves.

See related article: USDC to be 100% backed by cash, US Treasuries

Fast facts

  • USDC issuer Circle chief Jeremy Allaire had claimed the stablecoin became 100% backed by cash and short-term treasury bills after facing regulatory scrutiny, from just 61% cash and cash equivalent reserves in July last year. 
  • The USDC’s market capitalization increased to US$51.4 billion, a 21% growth over the past three months, while the world’s largest stablecoin USDT’s market cap rose by 4.76% in the time frame.
  • In February, Circle updated its merger with special purpose acquisition company (SPAC) Concord Acquisition Corp., to double its valuation to US$9 billion. 
  • Circle’s merger with SPAC Concord, which will make the company publicly traded, is expected to be completed by January 2023. 

See related article: Circle’s growth outpaces Tether as it doubles valuation

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