BNY, the world's largest custody bank overseeing $59 trillion in assets, is deepening its ties with Circle (CRCL) as the Wall Street bank ramps up its stablecoin services. The bank said Monday that USDC will become the first stablecoin supported on its Digital Asset Custody platform. Clients will be able to hold USDC in custody at BNY and instruct Circle to convert U.S. dollars into the stablecoin or redeem USDC back into dollars through the bank.