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.
Citadel Securities pledged a tokenized US government bond for an overnight loan from BNY, the bank that dominates that market. BNY names no ledger, sum or rate, and one trade publication asks why a token was needed.
BSTBL puts an existing Treasury fund's shares on Ethereum through BNY; BRSRV is a new multi-chain vehicle with Securitize—both shaped to sit inside GENIUS Act reserve rules.
The servicer of $8.6tn in fund assets will keep books and records on blockchain rails, take subscriptions in stablecoins and mint fund tokens directly, starting with a digitally native Dreyfus money market fund.
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.
BNY said Citadel Securities bought a two-year Treasury note through it on Tradeweb, a tokenized representation was recorded on BNY's private ledger and settled within minutes, and the note was pledged in an overnight triparty repo with BNY providing the cash. No ledger, value, rate or loan amount was named.
BlackRock announced OnChain shares of its Select Treasury Based Liquidity Fund on Ethereum, with BNY as transfer agent, and BRSRV, a new multi-chain tokenized money market fund with Securitize, on 3 August 2026. Both hold cash, short-dated Treasuries and overnight repo, and the release says their strategy intends to make them eligible reserve assets for permitted US payment stablecoin issuers under the GENIUS Act.
BNY said on 29 July 2026 that it had launched Digital Transfer Agency capabilities, keeping fund books and records on blockchain rails with legal title recorded there, accepting subscriptions and redemptions in either fiat or stablecoins, and issuing fund tokens by mint and burn. The service runs alongside the conventional transfer agency that services roughly $8.6tn across more than 7.6 million investor accounts, and starts with three funds: BLIQUID from BNY Investments Dreyfus, the Baillie Gifford Enhanced Yield Fund, and a BlackRock tokenized money market fund share class aimed at stablecoin reserves.
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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