Intercontinental Exchange (parent of the NYSE) explores using USDC stablecoin and USYC tokenized money market fund

Intercontinental Exchange, the parent company of the New York Stock Exchange, has signed an agreement with Circle Internet Financial to explore using USDC stablecoin

Intercontinental Exchange (NYSE:ICE), the parent company of the New York Stock Exchange, has signed an agreement with Circle Internet Financial to explore using USDC stablecoin and USYC, a tokenized money market fund, in traditional financial markets, the companies announced on Thursday.

The collaboration will focus on assessing applications of Circle’s digital assets across ICE’s derivatives exchanges, clearinghouses, and market data services. The institutions will assess potential use cases and regulatory frameworks before rolling out any new financial products based on digital assets.

The move follows a broader trend of major financial institutions integrating stablecoins and tokenized assets into their operations.

“We believe Circle’s stablecoins and tokenized digital currencies can play a larger role in capital markets,” said Lynn Martin, president of the NYSE.

Circle’s USDC (USDC), the second-largest stablecoin by market cap, is backed by U.S. government securities and cash-equivalent assets, maintaining a 1:1 peg to the dollar. The company recently acquired Hashnote, the issuer of USYC, expanding its presence in tokenized finance.

The agreement marks a significant step in the growing adoption of blockchain-based financial instruments by major institutions. Other leading firms, including Fidelity and CME Group (NASDAQ:CME), have also launched initiatives exploring stablecoin applications and asset tokenization.

Earlier this year, Block (NYSE:SQ) unveiled plans for a U.S. dollar-backed stablecoin, highlighting the increasing interest in these instruments among major financial players.