BNY Moves Institutional Fund Records to Blockchain

The platform functions as a single source of truth for fund administration, allowing authorized participants to access real-time ownership data directly on-chain. According to Carolyn Weinberg, BNY’s chief product and innovation officer, the shift replaces the traditional, siloed systems previously used by fund managers and administrators to process subscriptions and redemptions.

Baillie Gifford is among the first to adopt the technology for the United Kingdom’s first fully native regulated tokenized fund. Theo Golden, the firm's head of digital assets, noted that the blockchain ledger ensures all participants agree on the status of assets without manual verification. BlackRock and BNY Dreyfus are also expected to utilize the platform for future tokenized offerings. This move follows BNY’s recent expansion into USDC stablecoin services and the authorization of its Belgian subsidiary to provide crypto-asset custody under the European Union’s MiCA framework.