BitGo Enables Eligible Bank Clients to Mint and Redeem USDC Directly Through Their Accounts
Key Facts
On November 11, 2026, BitGo announced that it was enabling BitGo Bank & Trust clients to mint and redeem USDC directly from their Go accounts, bringing conversions between dollars and the stablecoin into a single institutional account. Requests are processed through the company’s Circle Mint account, according to a BitGo statement. The platform displays a fixed, disclosed fee when a request is confirmed, before the client commits to it. Access to the service is limited to eligible clients, however, and the announcement does not mean it is available to all BitGo users. The service provides a direct channel for managing minting and redemption through clients’ accounts at the bank.
BitGo’s guidance says USDC is available to BitGo Bank & Trust clients eligible for BitGo Mint, and that eligibility and availability may depend on client type, jurisdiction and account eligibility. The support page lists USDC among the assets available to eligible bank clients, alongside USD1 and SoFi USD. A request is not completed simply by submitting it; every mint or redemption request goes to BitGo’s Trust team for approval before processing begins. This gives the bank’s team a role in reviewing the transaction before it is carried out. The service therefore includes an institutional approval stage between submitting a request and starting the minting or redemption cycle.
After a request is submitted, the activity tab displays transaction details, including its type, source and destination amounts, transaction ID and status, according to the user guide. These details allow clients to track a request from the asset sent to the amount received, with a record linking the transaction to its ID and status. Settlement time varies by transfer direction: BitGo says mint requests are processed around the clock, but receipt of funds depends on how long the outgoing bank transfer takes. Continuous processing throughout the day therefore does not mean bank settlement happens at the same speed. USDC redemption payments, by contrast, are typically processed within minutes after receipt of the on-chain currency is confirmed, the company said.
BitGo said the service follows a single-account model that includes USDC alongside USD1 and SoFi USD. In December 2025, the bank received conditional approval from the Office of the Comptroller of the Currency to convert BitGo Trust Company into BitGo Bank & Trust, National Association. The bank operates under charter number 25366, according to the Office of the Comptroller of the Currency. As for the currency itself, Circle says USDC is redeemable for dollars at a 1:1 ratio and is fully backed by highly liquid cash and cash-equivalent assets. Circle reported that its circulating supply was $68.9 billion on November 9, 2026.
Circle says it discloses USDC reserve holdings weekly and receives monthly assurance from an accounting firm within the Big Four that reserves exceed the currency in circulation. In trading on the day of the announcement, BitGo shares, listed under the ticker BTGO, closed at $4.36 on November 11, 2026, according to EL7 data. The USDC/USD pair closed at $0.99986 in the same session, according to the same data. BitGo’s announcement did not cite a relationship between the service’s availability and the share or currency price during the session. The company said additional assets may become available through the single-account model as they join the service, and also indicated that it expects to expand minting and redemption support to other digital assets, including tokenized financial products such as money market funds.