BitGo expands institutional stablecoin minting and redemption platform with USDC

BitGo BitGo Holdings, Inc. (BTGO) has added USDC (USDC) minting and redemption to its Go Accounts, the digital asset infrastructure firm said Thursday. 

The service is available to eligible customers of BitGo Bank & Trust, its digital asset trust bank subsidiary regulated by the Office of the Comptroller of the Currency.

Clients can initiate and monitor their USDC orders on the BitGo platform or through its API, according to a statement shared with The Block. BitGo will route them through its Circle Mint account, charging flat fees that clients see before they confirm the transaction.

BitGo initially offered minting and redemption for World Liberty Financial's USD1 and SoFi Bank's SoFiUSD when it first launched its Mint service in April, enabling institutions to access supported assets without managing a separate relationship with each issuer. 

"The more assets an institution uses, the more work it takes to manage separate accounts and issuer relationships," BitGo CEO and co-founder Mike Belshe said in the statement. "We're building on the infrastructure our clients already use so they can access more assets through one BitGo account."

Supported chains

The service supports USDC on Ethereum, Solana, Base, Arbitrum, Polygon, Avalanche, HyperEVM, Monad, and Aptos, though BitGo said availability depends on jurisdiction and other account requirements.

The onchain components of eligible orders can be processed 24 hours a day, seven days a week, subject to network availability and account controls, according to the firm. However, clients funding or withdrawing fiat will still have to work within the applicable banking processing windows and settlement times.

The news comes after last week's launch of BitGo Global Markets, led by former NYDIG executive Pete Janney, to offer institutional trading and financial services including crypto-backed financing, options, and swaps. That launch followed its acquisition of NYDIG's institutional trading business on Aug. 27. About 30 employees joined BitGo following the acquisition.