BNY Digital Assets Platform
BNY Mellon's institutional digital assets platform combining tokenized deposits, custody for digital assets, and the LiquidityDirect wiring into Goldman Sachs DAP for tokenised money-market funds on Canton. The January 2026 BNY tokenised-deposit launch put the largest US custodian into the Western GSIB tokenised-cash rail set alongside Kinexys, CTS, and Wells Fargo Digital Cash.
Operating details
How it actually settlesTwo interlocking pieces. The BNY tokenised-deposit rail (launched January 2026) supports collateral and margin workflows for institutional clients on a permissioned ledger BNY operates. LiquidityDirect, BNY's institutional cash-management portal, was wired to GS DAP on Canton in July 2025 to issue mirrored tokens of MMF shares from BlackRock, Fidelity, Federated Hermes, Goldman, and BNY itself, the first US operational use of Canton for collateral-eligible tokenised funds. BNY also acts as fund administrator and custodian of the underlying T-bill, repo, and cash sleeve for BUIDL.
BNY Mellon · Goldman Sachs (DAP integration counterparty) · BlackRock · Fidelity · Federated Hermes · Securitize · Canton Network · Fnality (shareholder)
BNY runs custody and asset-servicing for over USD 50 trillion in assets under custody and administration as the world's largest custodian. The tokenised-deposit launch was scoped to collateral and margin workflows initially. The LiquidityDirect-DAP integration covers tokenised MMF shares from a five-issuer set spanning the US institutional money-fund market. Specific transaction volumes for the tokenised-deposit rail are not publicly disclosed.
Operates inside The Bank of New York Mellon under the existing US national-bank and trust charters, with OCC and Fed supervision. Tokenised deposits are deposit liabilities of BNY rather than e-money or stablecoin claims. The custody franchise sits under the SEC SAB 121 rescission, which removed the on-balance-sheet treatment requirement that had previously constrained bank custody for digital assets.
Initial scope is collateral and margin workflows; the named institutional counterparty set on the January 2026 launch was not disclosed in Bloomberg coverage. No published path yet for cross-bank tokenised-deposit interoperability with Kinexys, CTS, or Partior. The LiquidityDirect-DAP tokenisation work covers mirrored tokens rather than native on-chain MMF shares.
Recent news2 curated · awaiting ingestion
- CURATED2026-01-09BloombergBNY Mellon launches tokenized deposits
BNY Mellon launched a tokenised-deposit rail in January 2026 scoped to collateral and margin workflows for institutional clients, putting the world's largest custodian into the Western GSIB tokenised-cash rail set.
- CURATED2025-07-23Goldman SachsBNY and Goldman Sachs Launch Tokenized Money Market Funds Solution
BNY's LiquidityDirect was wired to GS DAP on Canton to issue mirrored tokens of MMF shares from BlackRock, Fidelity, Federated, Goldman, and BNY, the first US operational use of Canton for collateral-eligible tokenised funds.
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