News, data and analysis on tokenized assets, market design and digital economic systems.
Custodian of $57.8tn of assets as of September 2025 and of the cash and securities behind BlackRock's BUIDL, which began mirroring client deposit balances onchain in January 2026 and plans to pilot tokenized US Treasuries on its own permissioned chain by the end of 2026.
The largest custodian of financial assets, overseeing $57.8tn under custody or administration as of September 2025, and cash and securities custodian for BlackRock's tokenized fund BUIDL. In January 2026 it began mirroring client deposit balances onchain through its Digital Assets platform. It has since set out plans, reported on 22 July 2026, to pilot tokenized US Treasuries on its own permissioned chain by the end of 2026 and to offer round-the-clock Treasury settlement during 2027.
Developments in which BNY is a named party, newest first.
BNY said in July 2026 that it plans to pilot tokenized US Treasuries on its private blockchain by the end of 2026 and offer round-the-clock settlement for both conventional and tokenized Treasuries in 2027. The bank clears an average of $24.3tn a day as a…
BNY and Goldman Sachs launched a service under which subscriptions to money market funds placed through BNY's LiquidityDirect platform are mirrored as tokens on GS DAP, the Goldman Sachs Digital Assets platform built on Digital Asset technology. BNY continues to keep the official books, records and settlements for the funds. BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments and Goldman Sachs Asset Management took part at launch.
BlackRock introduced the BlackRock USD Institutional Digital Liquidity Fund, holding cash, US Treasury bills and repurchase agreements, with shares issued as tokens on Ethereum. Securitize acted as transfer agent and tokenisation platform, BNY Mellon as custodian of the fund's assets, and the minimum investment was $5m.
USDC traded below one dollar after Circle disclosed that $3.3bn of its cash reserves, about 8% of the total, was held at Silicon Valley Bank. Circle later reported the reserve as 77% short-dated US Treasury bills, $32.4bn, and 23% cash, $9.7bn, custodied at BNY Mellon.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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