BNY Mellon transfers $8.6 trillion fund administration records to blockchain

According to Odaily, Bank of New York Mellon is migrating its core transfer agent records to blockchain to create a single on-chain ownership ledger and reduce reliance on intermediaries.

This move will initially support clients such as Baillie Gifford, BlackRock, and BNY's 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 expects that, given persistent risks from cybersecurity and smart contracts, traditional systems will continue to coexist for several years.