InterContinental Exchange, the parent company of the New York Stock Exchange, said it plans to explore using Circle’s StableCoin and Tokenized Asset to develop new products participating in a list of US traditional economic giants pushing into the crypto under the Trump administration.
According to a deal announced on Thursday, the two companies will look at how Circle’s USDC Stablecoin and Usyc Tokenized Money Market Fund could be integrated into derivatives exchanges, clearing houses and other services.
“We believe that Circle’s regulated stableecoins and tokenized digital currencies can play a larger role in capital markets as digital currencies become more trusted by market participants as an acceptable equivalent to the US dollar,” Lynn Martin, President of New York Stock Exchange, said in a statement. “We are happy to explore the potential use cases for USDC and Usyc across ICES markets.”
USDC is the second largest stableecoin, afterwards Tether’s Usdt. It has a $ 60 billion market value and is fully supported by US state securities and cash equivalent assets. Usyc is a money market fund taked by hashnote, which was acquired by Circle earlier this year.
ICE is the latest example of US economic Behemoths covering the use of digital assets, stablecoins and tokenization as regulatory headwinds over the crypto industry fall under the Trump administration.
In the past few days, Asset Manager Fidelity Investments to launch a tokenized money market fund and is reportedly working to issue a stablecoin, while derivatives exchange CME Group that it tested tokenization with Google Cloud’s private distributed headbok, with the aim of launching new services next year. Tokenization is the process of placing financial instruments such as bonds, funds and other securities on blockchain rails to pursue operational gains.
Martin predicted the company’s potential push in digital assets in May in May in a consensus 2024 panel discussion and said the exchange would consider offering crypto trade if the regulatory image in the United States was clearer.
