BNY Mellon is exploring the development of stablecoin infrastructure but has not committed to launching its own token, executives said during the company’s recent earnings discussion on Thursday.
The bank, one of the world’s largest custodians, has unveiled several blockchain-related investments in 2025, including those that would support real-world asset settlement and tokenized payments. Executives linked that acceleration to a more “constructive” regulatory environment and better market conditions.
“With the change in management and everything going on in the digital asset space, we have brought forward some of our investments that previously might have fallen below the line,” said Dermot McDonogh, BNY’s chief financial officer.
When asked if BNY Mellon plans to issue its own stablecoin, CEO Robin Vince declined to give a definitive answer, but said the bank’s strategy is focused on supporting the broader ecosystem rather than launching a branded token.
A BNY-branded stablecoin would likely serve institutional use cases, such as liquidating tokenized assets or facilitating intraday liquidity. But for now, the bank appears to be focused on building flexible infrastructure rather than launching a product.
“We’re in the infrastructure and capital markets enablement business,” Vince said during the call. “We partner with stablecoins. We enable other people’s stablecoins, and that’s really the heart of our strategy.”
The bank already serves some of the largest stablecoin issuers, offering custody, collateral management, settlement, and other back-end infrastructure.
He added that many companies may want to use stablecoins internally without creating their own technology stacks, creating demand for infrastructure providers like BNY Mellon. While he left open the possibility of developing systems “to the point” of issuing a BNY-branded stablecoin, he emphasized that the company is more likely to push other stablecoins behind the scenes.
“We will continue to be agile,” Vince said, adding: “I think the sweet spot is enabling the ecosystem (connecting cash, collateral, mobility and infrastructure) rather than issuing something ourselves.”
Separately, the company said it has reallocated approximately $500 million in cost savings this year toward growth initiatives, including digital assets and artificial intelligence. Efficiency gains came from internal rationalization and were redistributed without significantly expanding the company’s expense base.
McDonogh noted that BNY Mellon’s board of directors, which met earlier this week, has been asking whether the company is investing enough across the board given stronger market conditions. The board’s interest was not specific to digital assets, but reflects a broader push to position the company for long-term growth.
