NYSE ICE Parent Company Explores New Products With Circle Stablecoin, Tokenized Fund

NYSE ICE Parent Company Explores New Products Using Circle Stablecoin, Tokenized Fund

The parties will consider possible applications of USDC and the USYC money market fund token on derivative exchanges, clearing houses and other operations.

Christian Sandor | Edited by Sheldon Reback Updated March 27, 2025, 12:40 UTC Published March 27, 2025, 12:30 UTC

Key points:

• Intercontinental Exchange, the parent organization of the New York Stock Exchange, is exploring the use of Circle's USDC stablecoin and tokenized money market fund USYC to create new products.
• The move reflects a broader trend of major US financial institutions introducing digital assets, stablecoins and tokenization into their offerings as regulatory concerns about the crypto industry subside.
• Asset manager Fidelity Investments has filed to launch a tokenized money market fund and is reportedly working on a stablecoin, while derivatives exchange CME Group is testing tokenization using Google Cloud.

Intercontinental Exchange, the parent company of the New York Stock Exchange, has announced plans to explore the use of stablecoin and tokenized asset Circle to develop new products, joining the ranks of traditional U.S. financial giants embracing cryptocurrency during the Trump administration.

Under the agreement announced Thursday, the two companies will explore how Circle's USDC stablecoin and tokenized money market fund USYC can be integrated into derivatives exchanges, clearinghouses and other services.

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“We believe that Circle’s regulated stablecoins and tokenized digital currencies can take on a more prominent role in the capital markets as digital currencies become more trusted by market participants as an acceptable equivalent to the U.S. dollar,” said Lynn Martin, president of the New York Stock Exchange. “We are excited to explore potential use cases for USDC and USYC in the ICE markets.”

USDC is the second-largest stablecoin after USDT Tether. It has a market cap of $60 billion and is fully backed by U.S. government securities and cash-equivalent assets. USYC is a money market fund token issued by Hashnote, which was acquired by Circle earlier this year.

ICE is the latest example of US financial giants delving into digital assets, stablecoins and tokenization as regulatory barriers to the crypto industry ease under the Trump administration.

In recent days, asset manager Fidelity Investments has filed to launch a tokenized money market fund and is reportedly developing a stablecoin, while derivatives exchange CME Group said it is testing tokenization using Google Cloud’s private distributed ledger, with plans to launch new services next year. Tokenization is the process of placing financial instruments such as bonds, funds, and other securities on a blockchain to achieve operational benefits.

Martin predicted the company's possible entry into the digital asset market last May at a Consensus 2024 panel discussion, noting that the exchange would consider trading cryptocurrencies if the regulatory situation in the U.S. became clearer.

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