BNY launched a blockchain platform for servicing tokenized funds. The solution supports the full lifecycle of digital investment products, from issuance and recordkeeping to trading and redemption.
Bank of New York Mellon Corporation (BNY) announced the launch of its Digital Transfer Agency (Digital TA) platform, which enables legally recognized ownership records for investment fund shares to be maintained directly on a blockchain. The new solution covers the full lifecycle of digital funds and is already being rolled out to its first clients in the U.S. and the U.K.
The platform expands BNY’s fund servicing business by adding support for funds created natively in a digital environment. Digital TA brings traditional and tokenized fund servicing together within a single infrastructure, supports multiple jurisdictions, and is compatible with various blockchain networks.
According to BNY, the platform’s key distinction is that fund ownership rights and records exist directly on a distributed ledger, rather than as digital replicas of traditional records. This approach creates a single legally recognized source of truth for all fund transactions and simplifies the transfer of tokenized assets among market participants.
The platform includes:
- Maintaining the official register of fund shareholders on a public blockchain.
- Supporting subscriptions and redemptions using both fiat currency and stablecoins.
- Issuing and redeeming tokens through mint and burn mechanisms.
- Integrating with digital asset custody services and other BNY solutions.
The company said Digital TA became part of its broader digital asset infrastructure, which also includes custody services, support for stablecoins, tokenized deposits, and institutional market solutions. All of these services are integrated with BNY’s existing recordkeeping system, allowing ownership and transaction data to remain synchronized across traditional and digital environments.
Initially, the service will be available to a limited group of clients in the U.S. and the U.K., with broader geographic expansion planned later. Several projects are already using the platform, including:
- Baillie Gifford launched the Baillie Gifford Enhanced Yield Fund (BAGEY), which BNY described as the first publicly available fully native tokenized fund regulated in the U.K.
- BNY Investments Dreyfus will launch a digital money market fund whose shares will be represented by BLIQUID tokens.
- BlackRock plans to use the platform to issue a tokenized share class of its BSTBL money market fund, designed to provide reserves for stablecoins.
At launch, BNY serviced approximately $8.6 trillion in assets and maintained more than 7.6 million investment accounts. The bank expects the new digital infrastructure to help asset managers bring tokenized investment products to market more quickly and expand the use of funds that operate directly on blockchain networks.
Earlier in 2026, BNY introduced an on-chain representation of client deposit balances. The bank also announced a project to use tokenized deposits to move part of its daily payment flows onto blockchain infrastructure.
