BNY targets $8.6 trillion transfer agency market on blockchain rails

FinanceBNY targets $8.6 trillion transfer agency market on blockchain railsThe world’s largest custodian will keep its existing system while adding a digital ownership record for tokenized funds.By Olivier Acuna|Edited by Jamie Crawley Jul 29, 2026, 12:18 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowBank of New York Mellon is shifting its core transfer agency record-keeping onto blockchain to create a single on-chain ownership ledger and reduce reliance on intermediaries.The move will initially support clients including Baillie Gifford, BlackRock and BNY’s Dreyfus unit for what is described as the first fully native U.K.-regulated tokenized fund and other planned tokenized products.While BNY and other major banks are building blockchain-based infrastructure and tokenized deposit networks, the bank expects traditional systems to coexist for years amid ongoing cyber and smart-contract risks.BNY, which has more than $59tn in assets under custody and administration, is moving one of its core record-keeping businesses onto blockchain as Wall Street builds the infrastructure for tokenized funds, the Financial Times reported Thursday."We think of BNY as modernizing a function that sits behind every single fund transaction by bringing the books and records onchain," Carolyn Weinberg, chief product and innovation officer at the 242-year-old financial services giant.BNY, which services about $8.6 trillion in assets across 7.6 million accounts, said moving its transfer agency onto blockchain would create a single record of ownership, cutting out the need for multiple intermediaries."We fully recognize you've got trillions and trillions of dollars' worth of funds that... will continue to exist on traditional rails," said Emily Portney, BNY's global head of asset servicing, the bank's largest business.BNY did not immediately respond to a CoinDesk request for further information.Baillie Giff…

BNY targets $8.6 trillion transfer agency market on blockchain rails

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