BNY Mellon, the world's largest custodian, is moving its core transfer agency business onto blockchain rails, targeting the $8.6 trillion market. The financial services giant, which services $8.6 trillion in assets across 7.6 million accounts in this business, aims to create a single record of ownership for tokenized funds, reducing the need for multiple intermediaries. While BNY Mellon will maintain its existing traditional system, it is adding a digital ownership record as Wall Street builds infrastructure for tokenized funds. Baillie Gifford will utilize this service for the first fully native U.K.-regulated tokenized fund, with BlackRock and Dreyfus also expected to use it for planned funds.