BNY Mellon launches blockchain service for tokenized fund ownership records; Mantle positions itself as the infrastructure layer for productive RWA markets with liquidity and yield.
Tech & Launches ·
BNY Mellon introduced a blockchain service on 29 July enabling investment funds to maintain ownership records on public blockchains, marking a shift in how Wall Street approaches tokenized assets. The platform allows fund managers to store official records digitally and enables investors to buy and redeem shares using cash or stablecoins. BNY Investments Dreyfus, Baillie Gifford, and BlackRock are expected to be among the first users, with initial availability in the US and UK.
The launch reflects a strategic reorientation across the industry. As tokenized assets have grown to roughly $36.8 billion on public blockchains, the bottleneck has shifted: creating tokens is no longer the primary constraint. Instead, establishing the infrastructure and markets where these assets can be deployed, traded at volume, used as collateral, and generate yield has become the focus. BNY, which oversees $59.4 trillion in assets, entered what amounts to the deepest layer of the tokenization stack—the ownership records layer that processes over $8.6 trillion across more than 7.6 million investor accounts.
The ecosystem remains fragmented. BlackRock brought the underlying assets, Securitize handled issuance, JPMorgan provided settlement infrastructure, and now BNY has added the canonical record layer. What remains unclear is how these pieces integrate into continuous, deep liquidity markets where tokenized assets function as working capital, collateral, and yield-bearing instruments at scale.