BNY Boosts Business With Circle, as Banks Warm to Crypto

BNY, the nation’s oldest bank, is expanding the services it handles for stablecoin giant Circle, the latest sign that U.S. banking access for the crypto industry is easing under a friendlier regulatory environment.

The bank will allow some clients to send money to and from Circle through BNY for purchase or sale of Circle’s stablecoins, people with knowledge of the development said. Previously, Circle’s clients had to use smaller banks in the U.S. to move money to Circle, potentially limiting how much the stablecoin company could grow.