BitGo launches stablecoin minting and redemption for institutions
Crypto infrastructure firm BitGo has launched a new service that allows institutional clients to mint, redeem, and manage stablecoins and other digital assets, according to a Thursday statement.
The new service kicks off offering minting and redemption for Trump-backed World Liberty's USD1 and SoFiUSD, which is issued by SoFi Bank, an OCC-regulated, FDIC-insured depository institution. BitGo launched at the end of last year and supplies infrastructure for USD1 and SoFiUSD.
"Institutional clients want digital asset infrastructure that is operationally efficient, scalable, and built for control," said Mike Belshe, CEO and co-founder of BitGo. "BitGo Mint brings minting and redemption into a unified institutional workflow, helping clients reduce operational complexity while operating within the platform they already use for digital asset operations."
BitGo seeks to service "market makers, liquidity providers, banks, exchanges, asset managers, and fintechs" that seek to mint their own stablecoins.
The introduction of the service comes as the global stablecoin market continues to grow and major payments companies lean more heavily into using the USD-pegged tokens. Companies like PayPal, Barclays and Western Union have either launched or are investing in stablecoin infrastructure.
Mizuho analysts recently described BitGo as a "military-grade custodian." They cited the company's security track record and its focus on institutional clients as key advantages in an increasingly competitive custody market.
BitGo's shares closed up 1.94% at $8.39 on Wednesday, and are down over 50% since its January IPO.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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