BNY Mellon Accelerates Blockchain Investments, Focuses on Stablecoin Infrastructure Over Issuing Own Token

BNY Mellon, one of the world’s largest custodial banks, is intensifying its focus on blockchain and digital asset infrastructure in 2025 but has not yet committed to launching its own stablecoin. During the company’s recent earnings call, executives emphasized that the bank’s strategy centers on building and supporting the ecosystem rather than issuing a BNY-branded token.

Chief Financial Officer Dermot McDonogh highlighted that the firm has accelerated several blockchain initiatives amid a more “constructive” regulatory environment and favorable market conditions. “With the change in administration and everything going on in the digital asset space, we’ve brought forward some of our investments that previously might have fallen below the line,” McDonogh said.

When asked about issuing a BNY stablecoin, CEO Robin Vince explained that the bank’s primary role is enabling and partnering with other stablecoin providers. “We’re in the infrastructure, capital markets enablement business,” Vince said. “We enable other people’s stablecoins, and that’s really the heart of our strategy.”

BNY Mellon already provides key back-end services — including custody, collateral management, and settlement — for major stablecoin issuers. Vince noted that many institutions prefer using stablecoins without developing their own technology, creating strong demand for robust infrastructure solutions. While he did not rule out the possibility of a BNY-branded stablecoin in the future, Vince emphasized that the company’s current focus is on powering the broader digital asset ecosystem.

The bank also revealed that approximately $500 million in cost savings have been redirected toward growth initiatives, particularly in digital assets and artificial intelligence. McDonogh added that BNY Mellon’s Board is encouraging further strategic investments to strengthen the firm’s long-term growth in the evolving digital finance landscape.