BNY Mellon is exploring the development of stablecoin infrastructure but has not committed to launching its own token, executives said during the company’s latest earnings call on Thursday.
The bank, one of the world’s largest custodian banks, has advanced several blockchain-related investments in 2025 – including those that would support real-world asset settlement and tokenized payments. Executives attributed this acceleration to a more “constructive” regulatory environment and improved 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,” said Dermot McDonogh, BNY’s chief financial officer.
When asked whether BNY Mellon plans to issue its own stablecoin, CEO Robin Vince declined to give a definitive answer, but said the bank’s strategy is centered on supporting the broader ecosystem rather than launching a branded token.
A BNY-token stablecoin is likely to serve institutional use cases, such as settlement of 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, capital markets enablement business,” Vince said on the call. “We partner with stablecoins. We activate other people’s stablecoins, and that’s really the core of our strategy.”
The bank already provides services to some of the largest stablecoin issuers, offering custody, collateral, settlement and other back-end infrastructure.
He added that many companies may want to use stablecoins internally without building their own technology stacks, creating demand for infrastructure providers like BNY Mellon. While he left open the possibility of developing systems “right to the point” of issuing a BNY-branded stablecoin, he emphasized that the firm is more likely to operate other stablecoins behind the scenes.
“We want to stay agile,” Vince said, adding, “I think the sweet spot is enabling the ecosystem — connecting cash, security, mobility and infrastructure — rather than issuing something ourselves.”
Separately, the company said it has reallocated about $500 million in cost savings this year to growth initiatives — including digital assets and artificial intelligence. The efficiency gains came from internal efficiency and were redistributed without significantly expanding the company’s cost base.
McDonogh noted that BNY Mellon’s board, which met earlier this week, has questioned 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.
