Bullish
BNY Mellon Migrates $8.6T Fund Custody Records to Blockchain
2026-07-29 20:21:51
BNY Mellon shifts $8.6T in fund records on-chain for clients like BlackRock, aiming to reduce intermediaries while acknowledging persistent smart contract risks.
Woofun AI reports that BNY Mellon is migrating core transfer agency records to blockchain infrastructure to establish a unified on-chain ownership ledger and minimize intermediary dependency. This initiative initially serves clients including Baillie Gifford, BlackRock, and Dreyfus, supporting the first fully native UK-regulated tokenized fund alongside other planned products.
While large banks continue developing tokenized deposit networks, BNY Mellon anticipates that traditional systems will coexist with blockchain solutions in the near term due to ongoing cybersecurity and smart contract risks.
WOOFUN AI
Impact Assessment · Quick Read
The migration of $8.6 trillion in custody records marks a significant institutional validation of blockchain for traditional finance back-office operations. By involving major asset managers like BlackRock, this move may accelerate the adoption of tokenized funds and reduce settlement friction. However, the acknowledgment of coexistence with legacy systems suggests a gradual transition rather than an immediate overhaul, mitigating short-term disruption risks.
Generated by WOOFUN AI · For reference only, not investment advice
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