BNY Migrates $8.6 Trillion Transfer Agency Business to Blockchain

According to CoinDesk, the world's largest custodian bank, The Bank of New York Mellon (BNY), announced it will migrate its transfer agent core bookkeeping business to the blockchain, involving approximately $8.6 trillion in assets and 7.6 million accounts, aiming to establish a single on-chain ownership ledger and reduce reliance on multi-layer intermediaries. BNY client Baillie Gifford (managing over $261 billion) will be the first to use the service, launching the UK's first fully locally regulated tokenized fund, while BlackRock and its money market business Dreyfus also plan to follow suit. BNY stated that existing traditional systems will continue to run in parallel, with trillions of dollars in funds remaining on the traditional track in the short term.