BlockBeats news, on March 11, digital asset infrastructure company BitGo announced that it will provide custody and trading services to publicly listed company StableX Technologies, supporting the establishment of a stablecoin-related digital asset reserve of up to $100 million.
According to the announcement, BitGo Bank & Trust will serve as the custodian for StableX digital assets, and BitGo’s over-the-counter (OTC) platform will assist in executing the related token purchase program.
StableX is a Nasdaq-listed company focused on stablecoin infrastructure. Following the announcement, the company's stock rose as much as 9% intraday and ultimately closed up approximately 1.6%. Prior to this, StableX had already begun building its digital asset reserves and acquired tokens related to the stablecoin ecosystem, including Chainlink.
Chen Fang, Chief Revenue Officer at BitGo, said this partnership reflects a growing number of public companies establishing digital asset reserve strategies that extend beyond Bitcoin to include assets related to the stablecoin ecosystem.
Data shows that the total market capitalization of global stablecoins has exceeded $314 billion. As the industry expands, investors are increasingly focusing on areas such as stablecoin issuance, payments, and infrastructure. Previously, Bitwise applied to U.S. regulators to launch an ETF focused on stablecoins and tokenization, tracking companies involved in stablecoins and related infrastructure.