Custodian

BNY

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.

Kind Custodian

Jurisdiction United States

Founded 1784

Stories filed 3

The profile

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.

Products and services

Digital Assets platform: Custody plus onchain mirrored representations of client deposit balances, extending bank deposit money onto digital rails.
Fund custody and administration: Cash and securities custody for tokenized money market vehicles, including BlackRock's BUIDL.

Coverage

Developments in which BNY is a named party, newest first.

Stablecoins

BlackRock builds two tokenized money funds for stablecoin reserves

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.

today BlackRock 2 reports

Custody & asset servicing

BNY moves the fund register itself onto the chain

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.

today BNY 2 reports

Tokenized funds Stablecoins United States United Kingdom

Clearing & settlement

BNY sets out plan for 24/7 US Treasury settlement with a tokenized Treasury pilot by end-2026

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.

5 days ago BNY Newsroom 4 reports

Government securities Stablecoins United States

On the record

3 Aug 2026

BlackRock launches two tokenized funds aimed at stablecoin reserves

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.

Product launch United States Tokenized funds BlackRock: BlackRock Expands Tokenized Cash Platform with BSTBL OnChain Shares and BRSRV ↗

29 Jul 2026

BNY launches a digital transfer agency for tokenized funds

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.

Product launch United States United Kingdom Tokenized funds BNY: BNY Launches Global Digital Transfer Agency Capabilities, Extending Leadership in Fund Servicing to Digital Market ↗

23 Jul 2025

BNY and Goldman Sachs launch mirrored tokenization of money market fund shares

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.

Product launch United States Tokenized funds BNY Newsroom: BNY and Goldman Sachs Launch Tokenized Money Market Funds Solution ↗

20 Mar 2024

BlackRock launches the BUIDL tokenised dollar fund on Ethereum

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.

Product launch United States Tokenized funds BlackRock and Securitize press release (Business Wire) ↗

11 Mar 2023

USDC breaks its dollar peg after Silicon Valley Bank fails

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.

Incident United States Stablecoins Circle press room statement ↗

Official

www.bny.com ↗

Sources

BNY: BNY extends digital cash capabilities for institutional clients bny.com · 25 Jul 2026
CoinDesk: How BNY plans to eliminate the weekend lag in US Treasuries coindesk.com · 25 Jul 2026

BNY