The media published information according to which BNY is handling additional services for Circle.
The mentioned bank will allow some clients to send money to and from the stablecoin company to buy or sell Circle’s stablecoins. The relevant information was published by the media last Wednesday, March 12, with reference to anonymous insiders.
BNY and Circle are currently continuing to implement joint efforts aimed at bridging the gap between traditional and digital finance and exploring ways to deepen their relationships to benefit financial markets.
The expansion of the mentioned interaction, as noted by the media, signals that the regulatory environment in the United States has become more favorable for the crypto industry.
As part of scaling up cooperation with BNY, Circle gets the opportunity to encourage wider adoption of its stablecoins by other financial institutions. In this case, the company has a chance to differentiate itself from competitors and make itself more appealing to investors ahead of a possible initial public offering (IPO) of shares. BNY also gets the opportunity to raise more deposits tied to the crypto industry.
In April 2022, Circle announced that it had selected BNY as the custodian of its reserves, which at that time amounted to $52 billion.
With $46.7 trillion in assets under management, BNY gave Circle a partner that would provide Wall Street with confidence in its reserves. It also provides prestige associated with being affiliated with one of the oldest banks in the United States.
As we have reported earlier, BNY and OpenAI to Bring Transformational Artificial Intelligence to Banking.
