BNY Mellon and crypto custody: What it means for your credit union

by Randy Ralston, DaLand CUSO

In the world of finance, certain facts are almost too big to wrap your head around. Here’s one: BNY Mellon, has nearly $50 trillion in assets under custody. That’s right—$49.5 trillion, to be exact. To put that in perspective, the entire U.S. stock market—the collective value of every publicly traded company on American exchanges—totals about $46 trillion. That means BNY Mellon is holding more assets in custody than the value of the entire U.S. stock market combined.

Now, let that sink in for a moment.

It’s one thing for a legacy institution (legacy, as in, America’s oldest bank) to manage that volume of assets. But when that same institution starts moving into the crypto custody space, you know we’re in the midst of a financial transformation. BNY Mellon is signaling loud and clear that digital assets are not only here to stay—they’re becoming part of the mainstream financial infrastructure.

For credit unions, this isn’t just interesting news. It’s a flashing neon sign that says: “If you aren’t offering crypto custody yet, you may already be too late.”

 

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