ICE to Explore Products Using Circle’s USDC and USYC Token
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, plans to explore the integration of Circle's stablecoin, USDC, and tokenized asset, USYC, into its services.
- ICE and Circle announced their agreement to investigate how USDC and USYC can be utilized within derivatives exchanges and clearinghouses.
- Lynn Martin, president of NYSE, stated that regulated stablecoins and digital currencies may play a significant role in capital markets.
- USDC is the second-largest stablecoin with a market capitalization of $60 billion, fully backed by U.S. government securities and cash-equivalent assets.
- USYC is a money market fund token recently acquired by Circle.
- ICE joins other U.S. financial institutions like Fidelity Investments and CME Group in exploring digital assets and tokenization as regulatory conditions improve.
Fidelity has filed to launch a tokenized money market fund and is working on issuing its own stablecoin. CME Group is testing tokenization through Google Cloud's distributed ledger, aiming for new service launches next year.
In May, Martin indicated ICE's interest in digital assets, pending clearer regulatory guidance in the U.S.