Insiders: BNY Mellon is expanding its services to stablecoin issuer Circle.

PANews March 13th news, according to The Information, as banks' attitude towards Crypto Assets warms up, the Bank of New York Mellon (BNY) in the United States is expanding its services to the stablecoin issuer Circle. Sources said the bank will allow some customers to transfer funds to Circle through BNY or receive funds from Circle for the purchase or sale of Circle stablecoins. Previously, Circle's customers had to use small banks in the United States to transfer funds to Circle, which could limit the growth of the stablecoin company. This new arrangement will help facilitate the creation and redemption of Circle stablecoins, and can assist Circle, headquartered in New York, in promoting the more widespread adoption of its USD-pegged stablecoins by other traditional financial institutions. In a joint statement, the two companies said, "BNY and Circle will continue to work to bridge the gap between traditional finance and digital finance, and explore how to deepen our relationship for the benefit of the financial markets." The report stated that these changes will help make Circle more attractive to investors ahead of a potential initial public offering (IPO). The cooperation with BNY is noteworthy because the company is a Global Systemically Important Bank (G-SIB), a regulatory designation that subjects it to particularly stringent oversight. Utilizing a large American bank like BNY is a way for Circle to differentiate itself from competitors like Tether. Some insiders have indicated that BNY has obtained approval from the New York Department of Financial Services to offer a wider range of payment services to Circle. By servicing Circle, BNY may also attract more deposits related to encryption. Insiders previously indicated that the company has been discussing providing banking services to more encryption-related companies, but with a cautious approach, only partnering with the most secure firms.