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BNY, the world's largest custodian bank, is deepening its relationship with Circle by adding mint and burn capabilities for USDC to its Digital Asset Custody platform.
The arrangement shifts BNY's operational role inside USDC's lifecycle — from holding the reserves that back the coin to actively managing the mechanics by which new supply is created and destroyed.
From Reserve Holder to Issuance Infrastructure Minting and burning are the two operations that govern a stablecoin's circulating supply.
When a counterparty deposits dollars and requests USDC, tokens are created — minted. When a holder redeems, those tokens are destroyed — burned — and dollars flow back out.
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