BNY's blockchain transfer agency platform goes live with Baillie Gifford, BlackRock as early adopters, handling subscriptions and redemptions onchain.
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BNY (BK) has launched a digital transfer agency platform that runs on public blockchains. The service maintains legal ownership records and economic value directly onchain, rather than mirroring traditional assets with a digital twin. Fund issuers can use it to handle subscriptions, redemptions, and peer-to-peer transfers in fiat currency or stablecoins, the bank said.
Early adopters include Baillie Gifford, which is deploying the platform for what it called the first fully native UK-regulated tokenized fund on networks including Ethereum and Solana. BlackRock plans to use it for a digital share class targeting stablecoin issuers. BNY Investments Dreyfus will apply it to its new digitally native money market fund, BLIQUID.
Emily Portney, global head of asset servicing at BNY, said the platform integrates tokenization, distribution, and custody to power future financial markets. Carolyn Weinberg, chief product and innovation officer, called digital transfer agency the next phase of fund servicing, merging proven reliability with digital innovation.
The new system sits alongside BNY's traditional transfer agency business, which manages about $8.6 trillion in assets across more than 7.6 million investor accounts. The bank said the digital extension allows seamless integration between conventional and blockchain-based environments, minimizing reconciliation costs and creating a single shared ledger for all participants.
BNY's broader digital assets strategy already covers custody solutions, stablecoin services, and tokenized deposits. The transfer agency platform supports multiple jurisdictions and blockchains, offering a scalable model for asset managers expanding into digital products.
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