BNY Expands On-Chain Offering
A press release titled, "BNY Expands Digital Asset Platform with Launch of Innovative On-Chain Offering" tells us, "The Bank of New York Mellon Corporation ('BNY') (BK) ... announced the expansion of its Digital Asset Platform with the launch of its Digital Asset Data Insights product, designed to securely and efficiently deliver both on- and off-chain data across blockchain networks. The launch underscores BNY's ambition to serve an expanded, fundamental role in the lifecycle of tokenized assets.... BlackRock will be the first client to leverage this product. BNY will broadcast fund accounting data for the BlackRock USD Institutional Digital Liquidity Fund ('BUIDL' or 'the Fund'), its tokenized short-term U.S. Treasury fund. BNY currently acts as fund administrator and custodian of the Fund's assets." Robert Mitchnick, Head of Digital Assets at BlackRock, comments, "BNY's enablement of off-chain data insights to public blockchains is an unprecedented event and a significant milestone for the industry. By enhancing data transparency and accessibility for our investors, BNY has set a new standard for digital asset innovation." Another article from the Financial Times, "Stablecoin operator Circle files for IPO as revenues jump to $1.7bn," says, "Tuesday's filing shows Circle's revenues on the reserves it maintains to back its USDC stablecoin jumped to $1.66bn last year, from $1.4bn in 2023. The group holds most of its reserves in a money-market fund run by BlackRock, and benefited from US interest rates of 5 percent or more for most of last year as the Fed sought to fight inflation."
