BNY moves $8.6 trillion in transfer agency records onchain, with Baillie Gifford as an early user. BlackRock and BNY Dreyfus cash vehicles are next for the blockchain platform.
Alpha Score of 66 reflects moderate overall profile with strong momentum, weak value, moderate quality, strong sentiment.
BNY, the New York-based custodian, has shifted fund ownership records to a blockchain-based version of its transfer agency business. The platform replaces the fragmented databases that managers, custodians, and distributors each run separately, a system that requires periodic reconciliations.
Transfer agents keep the official shareholder list for investment funds, handling share issuance and redemption, updating owner ledgers, and processing investor orders. Under the old setup, every party maintained their own version of the truth.
Carolyn Weinberg, chief product and innovation officer at BNY, said the blockchain approach modernizes the infrastructure behind fund operations. By putting ownership data on a shared ledger, accounting mismatches shrink and settlement times shorten, she said.
BNY's transfer agency unit manages about $8.6 trillion in assets across 7.6 million client accounts. The group as a whole oversees more than $59 trillion in global custody and administration as of mid-2026. BNY will keep its traditional transfer services running alongside the new blockchain platform.
Operating both systems lets BNY serve clients at different stages of technology adoption, the firm said. Industry analysts described the dual-track approach as a way to manage operational risk during the transition.
Edinburgh-based Baillie Gifford, with roughly $261 billion in assets under management, is an early user. It will launch a fully regulated tokenized fund under UK rules on the platform. BlackRock and BNY Dreyfus' cash management unit are expected to use the infrastructure for upcoming tokenized products, the company said.
Theo Golden, head of digital assets at Baillie Gifford, said blockchain technology creates a single, shared source of truth across market participants. The architecture eliminates the need to verify information across separate databases, he said.
The move extends BNY's push into digital assets. The bank has made regulatory progress in Europe under the Markets in Crypto-Assets framework. BNY has not disclosed which blockchain network the platform runs on.
The next step is the operational launch of Baillie Gifford's tokenized fund and the planned integrations with BlackRock's money market vehicles.
BNY's MA stock page carries an Alpha Score of 70 out of 100.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.