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Crypto

BNY adds USDC minting and redemption to institutional custody platform

BNY has added Circle’s USDC minting and redemption functions to its digital asset custody platform for institutional clients. Clients can convert U.S. dollars into USDC through BNY and redeem USDC back into dollars. BNY said USDC is the first stablecoin supported on its platform and it plans to expand into other stablecoins and digital cash services. It also said it has $59.3 trillion in assets under custody and administration.

Industry

China tungsten curbs disrupt WF6 supplies, raising risks for HBM and AI chip output

The push to expand AI semiconductor output is straining supply chains for specialty electronic gases, an analysis said. China’s controls on high-purity tungsten exports have led to disruptions in Japan’s supply of tungsten hexafluoride (WF6), raising new supply-chain risks for high-bandwidth memory, DRAM and advanced logic chips. Usage of specialty gases rises sharply as processes shrink and as HBM and 3D NAND output expands. Alternative suppliers are limited, while Chinese producers are expanding capacity and prices have risen.