Woofun AI reports that BNY Mellon is migrating its core transfer agency business to blockchain, a strategic shift announced by Carolyn Weinberg and Emily Portney to modernize fund record-keeping as covered by the Financial Times.

The operational scale of this migration is substantial, encompassing $8.6 trillion in assets across 7.6 million accounts within a broader custody portfolio exceeding $59tn. By establishing a single record of ownership on-chain, the bank aims to eliminate the need for multiple intermediaries, a structural change aimed at driving efficiency in Wall Street’s infrastructure build-out.

Woofun AI data shows that client adoption is already underway, with Baillie Gifford, which manages over $261 billion, partnering to launch the first fully native U.K.-regulated tokenized fund.

Additionally, BlackRock and Dreyfus are expected to utilize the platform for planned tokenized money-market funds, joining Franklin Templeton in issuing ownership interests as blockchain tokens for short-term debt and cash holdings.

Industry timelines suggest accelerated adoption, with Brickken CEO Edwin Mata predicting Wall Street will run entirely on blockchain by 2030.

Meanwhile, major institutions including JPMorgan, Citi, and Bank of America plan a shared tokenized deposit network by 2027 to counter stablecoin threats, despite persistent cyber risks associated with smart contracts and bridges.

BNY does not anticipate the immediate disappearance of legacy systems, maintaining its traditional transfer agent role for trillions in funds that will remain on existing rails. This hybrid approach allows the bank to replace costly reconciliation work in fund administration while managing the transition away from fragmented ownership records.