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FollowingThe world's largest custodian bank BNY launches digital transfer agency service for blockchain native funds
As of March 2026, the world's largest custodian bank BNY (with assets under custody and management of US$59.4 trillion) has launched a new digital transfer agency service, designed to support funds built natively based on blockchain.
This service, called "Digital TA," expands BNY's existing fund services business into a single platform, allowing it to process traditional funds and blockchain-based funds across multiple jurisdictions. The service was initially launched among selected customers in the United States and the United Kingdom, and plans to expand further.
What this means for fund managers
Emily Portney, BNY's global head of asset services, said: "With this new capability, BNY injects momentum into the future of financial markets through digital market infrastructure. We provide a global, scalable platform that integrates tokenization, distribution and hosting services."
The key change here is the way tokenized funds are structured. When funds are issued on the blockchain from the beginning, the legal ownership and value of the funds exist directly on the chain, rather than through a "digital twin" model (where tokens only reflect funds held elsewhere). Carolyn Weinberg, chief product and innovation officer at BNY, described Digital TA as "combining the same operational rigour, transparency and trust of traditional services" with the flexibility of digital markets.
Early customers are already using
Baillie Gifford has used Digital TA to launch its Enhanced Income Fund, which BNY claims is the first publicly available, fully UK-regulated native tokenized fund. [TAG BlackRock is expected to use the same infrastructure to support BSTBL, a tokenized share category of its money market fund designed to meet stablecoin reserve requirements. BNY's Dreyfus investment arm will also launch a digital native money market fund using tokens called BLIQUID to represent fund shares.
Stephanie Pierce, deputy head of investment at BNY, said the capability would "enhance our expertise in integrating investments and services to provide digital asset solutions that simplify cash and liquidity management."
Currently, BNY's transfer agency business serves approximately 7.6 million investor accounts and manages approximately US$8.6 trillion in assets, which provides a solid infrastructure for building new digital services.
