BNY, world's largest custody bank, expands crypto services in Abu Dhabi

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email BNY, world's largest custody bank, expands crypto services in Abu Dhabi The Wall Street giant, which oversees $59 trillion in client assets, teamed up with Finstreet and ADI Foundation for digital asset infrastructure. By Krisztian Sandor | Edited by Nikhilesh De May 7, 2026, 5:30 a.m. 2 min read Make preferred on BNY office (BNY) What to know : BNY plans to offer digital asset custody services in Abu Dhabi through local partners Finstreet and ADI Foundation. The initiative will initially focus on custody services for cryptocurrencies like bitcoin (BTC) and ether (ETH), with plans to later expand to stablecoins and tokenized assets. The move underscores the United Arab Emirates' ambitions to become a global hub for tokenized finance and digital assets. BNY, the world's largest custodian overseeing $59 trillion of assets, is expanding its digital asset custody business to the United Arab Emirates through local partners. According to a Thursday press release, the global financial services giant is working with Finstreet and ADI Foundation to build regulated digital asset infrastructure anchored in Abu Dhabi Global Market (ADGM), the financial free zone in Abu Dhabi that has become a hub for crypto firms and blockchain projects entering the Middle East region. The initiative will initially focus on custody services for cryptocurrencies including bitcoin BTC $ 81,066.72 and ether (ETH), with plans to later expand into stablecoins and tokenized assets, the press release said. "The UAE is entering a new phase of financial development, characterized by deeper markets, greater digital sophistication and stronger global connectivity," Hani Kablawi, executive vice chair at BNY, said in a statement. "With our world-class capabilities and scale across capital markets, BNY is uniquely positioned to connect traditional and digital financial ecosystems in collaboration with our clients." BNY’s move reflects a broader push by major financial institutions to bring blockchain technology into mainstream markets beyond crypto trading. Tokenization — the process of representing assets such as bonds, funds and equities on blockchain networks — is gaining traction as firms look for faster settlement, more efficient collateral management and lower operational costs. The bank’s entry into the UAE also highlights how quickly the Gulf region is emerging as a center for digital asset finance. Abu Dhabi and Dubai have attracted crypto exchanges, stablecoin issuers and tokenization startups with regulatory frameworks designed to support digital assets while maintaining institutional oversight. BNY's involvement carries added weight because of the bank's scale and role in traditional finance. The firm oversees about $59 trillion in assets under custody and administration, making it the world’s largest custodian bank, and was the first major U.S. global systemically important bank to launch digital asset custody services. The UAE has also pushed deeper into state-backed digital finance initiatives. IHC and other local institutions recently unveiled plans last month for a regulated dirham-backed stablecoin aimed at government and institutional use. Read more: BNY CEO says the future of crypto runs through big banks Custody More For You AI agents becoming more relevant than humans by 2035 has Big Tech 'terrified', says Hoskinson By Olivier Acuna | Edited by Nikhilesh De 6 hours ago The founder and CEO of Cardano’s Input Output said Google, Amazon and Facebook are terrified because AI agents will not behave like humans when confronted with ads. What to know : Charles Hoskinson told the Consensus 2026 conference that AI agents will dominate internet searches, commerce and activity by 2035, disrupting the core business models of Google, Amazon and Facebook. He argued that AI agents, which do not click ads or have brand loyalty, will upend advertising-driven platforms and increasingly handle... 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