BitGo Bank and Trust National Association will be issuing the FYUSD stablecoin, making its first deal of the sorts since becoming a banking entity in the U.S. Bitgo has finalized a partnership with FYUSD developer, the New Frontier Labs, to announce this strategic partnership over the weekend.
New Frontier Labs, based in South Korea, is looking to stitch a dollar-based stablecoin infrastructure for the Asian markets. For its FYUSD stablecoin to make inroads into the U.S. market, it has handpicked BitGo — which is a U.S.-based crypto firm with an established presence in the South Korean market.
As part of this partnership, the digital assets infrastructure firm will be serving as the primary custodian for the FYUSD stablecoin. Under the deal, BitGo will also hold FYUSD reserves in segregated, bankruptcy-remote custody structures.
“As issuers of FYUSD, BitGo is delivering the operational framework required for institutional use across multiple jurisdictions,” said Chris Park , Head of Commercial Strategy, BitGo Korea in an official statement.
The FYUSD lays at the core of the Fyper suite of stablecoin infra developed by New Frontier Labs. The company claims it wishes to reinvest a portion of the ecosystem’s economic value into Seoul’s financial ecosystem.
Its developers are advertising the stablecoin as built to work with enterprise APIs, banking systems, and regulated financial ecosystems.
“With BitGo’s infrastructure, we are launching what we describe as ‘Stablecoin 2.0,’ laying the groundwork for Agentic Commerce where AI-driven systems can execute financial transactions autonomously using a secure and compliant digital dollar,” said Lucas Yi, Head of Business at New Frontier Labs as commenting on the partnership.
For BitGo, this development marks a landmark moment. Afterall, the crypto firm secured its approval from the U.S. Office of the Comptroller of the Currency (OCC) to foray into traditional banking services just two months ago in December 2025.
BitGo was founded back in 2013. In the last 13 years, the company has expanded its offerings to include crypto trading, staking, custody, and treasury services. It is now stepping into the U.S. banking arena for the first time.