CMC News

#BNYMellon Builds #Stablecoin Rails, Skips Token Issuance

BNY Mellon is developing stablecoin infrastructure systems but has not committed to launching its own token, executives stated during the bank's earnings discussion Thursday. The global custodian is focusing on supporting the broader #ecosystem rather than issuing a branded stablecoin.

The bank has accelerated several blockchain-related investments in 2025, including projects supporting real-world asset settlement and #tokenized payments. Executives attributed this acceleration to improved market conditions and a more favorable regulatory environment under the current administration.

Dermot McDonogh, BNY Mellon's chief financial officer, said the bank brought forward investments that previously might have fallen below the line due to changes in the digital asset space. The bank reallocated approximately $500 million in cost savings this year toward growth initiatives, including digital assets and artificial intelligence.

CEO Robin Vince declined to provide a definitive answer on whether BNY Mellon plans to issue its own stablecoin. The bank's strategy centers on partnering with and enabling other stablecoins rather than launching a competing product.

BNY Mellon already provides services to some of the largest stablecoin issuers, offering custody, collateral management, settlement, and other back-end #infrastructure. The bank operates in the infrastructure and capital markets enablement business, according to Vince.

A BNY-branded stablecoin would likely serve institutional use cases such as settling tokenized assets or facilitating intraday liquidity. The bank currently appears focused on building flexible infrastructure rather than launching a finished product.

Vince stated that many companies may want to use stablecoins internally without building their own technology stacks, creating demand for infrastructure providers like BNY Mellon.