BNY is preparing to launch a blockchain-based digital transfer agency that will record fund transactions and ownership alongside its existing systems. The initiative will initially cover about $8.6 trillion in assets across 7.6 million investor accounts, with Baillie Gifford, BlackRock and BNY’s Dreyfus business expected to be among the first users.
The move gives one of the world’s largest asset servicing firms a way to bring blockchain infrastructure into a part of financial markets that has traditionally relied on centralized recordkeeping.
INSTITUTIONAL ADOPTION CONTINUES. 🏦📈
BNY, managing $8.6 trillion in assets, is adopting blockchain technology to process trades and maintain fund ownership records. pic.twitter.com/7tAjOkSVgR
— XRP Update (@XrpUdate) July 29, 2026
BNY is keeping traditional records alongside blockchain
Rather than replacing its existing books and records, BNY plans to mirror ownership information on blockchain infrastructure while maintaining its established systems.
This shows the bank’s work with tokenized funds, where blockchain connectivity is being added to existing financial infrastructure instead of forcing institutions to abandon systems that already support large volumes of regulated activity.
BNY’s blockchain strategy points to a hybrid financial system
The significance of the project lies less in putting records on a blockchain and more in how it could connect traditional financial infrastructure with tokenized assets. BNY’s own transfer agency research points to a model in which traditional and blockchain-based systems can operate with reconciliation between on-chain and off-chain records becoming part of normal fund administration.
BNY’s position as a major provider of fund services gives the project a potential reach beyond its initial users, particularly if the technology can support large-scale investment operations without creating new compliance or reporting burdens. That could determine whether blockchain remains a specialized tool for tokenized products or becomes part of the infrastructure supporting mainstream funds.
In another development, Coinbase announced major updates to TRUST, its Travel Rule compliance network, including the launch of TRUSThub, new global expansion efforts, a partnership with 21 Analytics, and the addition of BNY as a member. The changes are aimed at making crypto compliance easier while keeping data sharing secure and privacy-focused.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads, and CoinMarketCap Community for seamless access to high-quality industry insights
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics tools.
