BNY Introduces Blockchain-Based Fund Ownership Infrastructure

Bank of New York Mellon (BNY) has introduced blockchain-based fund ownership infrastructure, which includes official records directly on blockchain networks. This development is part of BNY's Digital Transfer Agency and enables faster settlements.

The platform differs from earlier tokenization initiatives by recording ownership directly on supported blockchain networks, rather than mirroring off-chain records.

BNY services approximately $8.6 trillion in assets and supports over 7.6 million investor accounts.

Ripple already has an existing institutional relationship with BNY through RLUSD reserves and transaction banking services for institutional operations. However, XRP is not part of the initial rollout, although future blockchain integrations are possible according to SEC filing language.