BNY Mellon is exploring StableCoin infrastructure development but is not committed to launching its own token, executives said during the company’s earnings call on Thursday.
The bank, one of the world’s largest custodians, has brought many blockchain-related investments in 2025—including those supporting real-world settlement and settlement of payments. Executives attribute the acceleration to a more “constructive” regulatory environment and improved market conditions.
“With the change in administration, and everything that’s going on in the digital asset space, we’ve moved forward with some of our investments that had previously 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 centered on supporting the broader ecosystem rather than launching a branded token.
A BNY-branded stableCoin will likely serve institutional use cases, such as settling 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 business of enabling,” Vince said on the call. “We work with StableCoins. We enable other people’s StableCoins, and that’s really the heart of our strategy.”
The bank already provides services to 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 building 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 releasing a BNY-branded StableCoin, he emphasized that the firm is more likely to handle other stablecoins behind the scenes.
“We’re going to stay nimble,” Vince said, and 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 about $500 million in cost savings this year toward growth initiatives — including digital assets and artificial intelligence. Efficiency gains come from internal streaming and redeployment without significantly expanding the company’s cost base.
McDonogh noted that BNY Mellon’s board, which met earlier this week, questioned whether the company was investing enough across the board given stronger market conditions. The Board’s interest is not specific to digital assets but reflects a broader push to position the firm for long-term growth.
