BNY Mellon is expanding its partnership with stablecoin company Circle.
Clients of BNY Mellon will now be able to send and receive money to buy or sell Circle's stablecoins.
The expanded partnership signifies a more favorable regulatory environment for the crypto industry in the US.
This move allows Circle to attract more investors and differentiate itself from competitors, while BNY Mellon can attract more deposits tied to the crypto industry.