NYSE Parent Company ICE Eyes USDC, USYC for New Market Solutions

CN
4 days ago

Intercontinental Exchange Inc. (ICE), the parent company of the New York Stock Exchange, and fintech firm Circle Internet Group announced a memorandum of understanding (MoU) to explore integrating Circle’s USDC and USYC digital assets into ICE’s financial products and markets.

The collaboration aims to leverage Circle’s $60 billion market-cap stablecoin, USDC—a digital dollar pegged 1:1 to the U.S. dollar—and its tokenized money market product, US Yield Coin (USYC), across ICE’s derivatives exchanges, clearinghouses, and data services. Jeremy Allaire, Circle’s CEO, stated the partnership could unlock major new use cases for USDC through ICE’s global network.

Lynn Martin, President of the NYSE, emphasized growing trust in stablecoins as dollar equivalents, noting their potential to reshape capital markets. “We believe Circle’s stablecoins and tokenized digital currencies can play a larger role in capital markets,” she said.

USDC reserves, primarily held in the SEC-registered Circle Reserve Fund (USDXX), are backed by cash and cash-equivalent assets. The stablecoin supports over 600 million wallets globally, facilitating payments, crypto trading, and store-of-value applications.

Under the MoU, ICE and Circle will assess applications for these digital assets within ICE’s ecosystem, including novel derivatives, risk management tools, and tokenized financial instruments. The partnership aligns with ICE’s broader strategy to digitize workflows and expand market transparency.

ICE operates major financial infrastructure, including futures exchanges, fixed-income platforms, and mortgage technology services. Circle, a stablecoin leader, explained on Thursday that it has pushed for regulated crypto adoption in traditional finance (TradFi) since launching USDC in 2018.

The companies did not disclose timelines or specific product details, citing the exploratory nature of the agreement.

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