American bank BNY Mellon (BNY) has entered into a partnership with FinStreet Limited and ADI Foundation to develop digital asset custody services in the United Arab Emirates’ capital, Abu Dhabi.
As reported in a statement today, May 7, 2026, The initiative will initially focus on Bitcoin (BTC) and Ether (ETH) and will target institutional clients within the Abu Dhabi Global Market (ADGM).International Finance Center.
The agreement aims to combine BNY’s experience in asset custody with the infrastructure of FinStreet and the ADI Foundation to provide regulated custody of digital assets within its jurisdiction.
As reported by CriptoNoticias, BNY Mellon is the oldest bank in the US and has been offering custody of digital assets since February 2021.
at the moment, The company manages $59 trillion in customer assets, making it the world’s largest custodian bank.
It is important to explain that custodian banks do not function like traditional retail banking entities. Its primary mission is to protect and manage financial securities (stocks, bonds, funds, etc.) on behalf of large institutions.
In the first phase, the project will focus on Bitcoin and ETH for clients in the Finstreet ecosystem. Going forward, the companies plan to explore expanding into stablecoins, tokenized real-world assets (RWA), and other regulated digital products.
Ajay Bhatia of ADI Foundation argued that: Cooperation aims to strengthen Abu Dhabi’s position as a digital asset hub. He also pointed out that the ADI chain’s infrastructure could be used in areas such as storage, trade finance and lending.
Hani Kablawi, Executive Vice President of BNY, said: is undergoing a phase of greater financial development, with deeper markets and more advanced digital technologies.
The partnership is part of Abu Dhabi’s strategy to attract financial infrastructure related to digital assets. It is also consistent with recent efforts in the region. including the launch of DDSC, a dirham-backed stablecoin regulated by the central bank of the United Arab Emirates;.
Finally, the companies clarified that progress is subject to a definitive agreement and corresponding regulatory approvals.
(Tag translation) Altcoin
