BNY Mellon, the world's largest custody bank, has announced the expansion of its stablecoin services by integrating Circle's USDC into its Digital Asset Custody platform. This development allows institutional clients to hold USDC in custody at BNY and facilitates the conversion of U.S. dollars into USDC and vice versa. BNY Mellon, already the primary custodian of USDC reserves, aims to streamline the management of cash and digital assets for institutions. The bank's move to support USDC is part of a broader strategy to enhance its digital asset offerings, with plans to include additional stablecoin issuers in the future. This expansion follows the 2025 enactment of the GENIUS Act, which established a federal framework for U.S. dollar-backed stablecoins, encouraging greater institutional adoption by setting clear guidelines for reserve assets and issuer oversight.