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ETH 
SOL BNY launches blockchain-based digital transfer agent service
Bank of New York Mellon (BNY) has launched a blockchain-based Digital Transfer Agency service that places funds 'legal ownership records directly on the public blockchain rather than mirroring them to secondary ledgers. The move covers businesses involving approximately US$8.6 trillion in assets and serving 7.6 million accounts.
The new service modernizes core bookkeeping functions by maintaining legal ownership records and economic value directly on the public blockchain. This is significantly different from previous practices. When contemporary monetized funds were issued on the blockchain from the beginning, the legal ownership and economic value of the fund existed on the chain, rather than the previously popular "mirror token" or "digital twin" model.
The first batch of funds has been launched
The service will initially support clients including Baillie Gifford, BlackRock and BNY's Dreyfus division. Baillie Gifford, who manages more than $261 billion in assets, will use the service to launch what is described as the first fully UK-regulated, native-tokenized fund.
The Baillie Gifford Enhanced Income Fund (code: BAGEY) is denominated in US dollars and provides qualified investors with an actively managed short-term portfolio of public corporate bonds. The fund is operated through a UK-regulated Open Investment Company (OEIC) and accepts subscriptions through USDC on both chains. Solana's lower transaction costs are suitable for smaller institutional investors and retail investors, while Ethereum's existing institutional DeFi integration is suitable for large configurators already operating on the Ethereum chain.
Baillie Gifford's head of digital assets and tokenization business sees the release as more than just a token superimposed on an existing fund. In his view, blockchain has become a register of ownership, allowing investors to gain direct ownership and direct recourse through on-chain structures from the beginning. Through native digital issuance, when tokens are transferred, ownership is also transferred.
Dreyfus, BNY's money market and cash management business unit, is using the same infrastructure to launch tokenized money market funds. BlackRock is expected to follow suit, launching a quota category specifically designed for stablecoin reserves.
A signal, not a test
BNY's move is eye-catching because it applies blockchain technology to core back-office functions rather than targeting new or speculative asset classes. Transfer agents are a highly regulated, data-intensive operation that processes trillions of dollars in transactions every year. Automating some processes with shared, non-tamperable ledgers can reduce operational risks and costs for asset management companies that have long sought more efficient post-transaction infrastructure.
BNY does not believe the old system will disappear. The bank will retain its traditional transfer agent and said there will still be trillions of dollars in funds that will remain on the current track for years to come. Even so, when the world's largest custodian is building such infrastructure, tokenized funds have firmly moved out of the pilot phase and into the mainstream.
