BNY Mellon Migrates $8.6 Trillion Fund Services Transfer Agent Records to Blockchain
2026-07-29 12:20
Odaily Planet Daily News: BNY Mellon is migrating its core transfer agent records onto the blockchain to create a single, on-chain ownership ledger and reduce reliance on intermediaries.
The initiative will initially support clients including Baillie Gifford, BlackRock, and BNY's own Dreyfus, covering the first fully native, UK-regulated tokenized fund and other planned tokenized products.
BNY and other major banks are building blockchain-based infrastructure and tokenized deposit networks. The bank anticipates that legacy systems will continue to coexist for several more years amid persistent cybersecurity and smart contract risks.
The initiative will initially support clients including Baillie Gifford, BlackRock, and BNY's own Dreyfus, covering the first fully native, UK-regulated tokenized fund and other planned tokenized products.
BNY and other major banks are building blockchain-based infrastructure and tokenized deposit networks. The bank anticipates that legacy systems will continue to coexist for several more years amid persistent cybersecurity and smart contract risks.
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