BNY Launches Tokenized Deposits for Payments

BNY Mellon Introduces Tokenized Deposit Services for Real-Time Transactions

• BNY Mellon has launched tokenized deposit services on its Digital Assets platform, enabling real-time transactions by mirroring client deposit balances.
• The initial implementation focuses on collateral and margin workflows using a private blockchain while maintaining traditional record-keeping for regulatory compliance.
• The service allows institutional clients to move value across blockchain rails in near real-time to meet margin requirements or transfer collateral between institutions.
• Key industry participants in the launch include Intercontinental Exchange (ICE), Anchorage Digital, Citadel Securities, DRW Holdings, Circle, Ripple Prime, Baillie Gifford, WisdomTree, and Zero Hash.
• BNY’s Chief Product and Innovation Officer Carolyn Weinberg highlighted that tokenized deposits enhance speed across operations within a scalable and regulatory-aligned framework.

BNY Mellon’s introduction of tokenized deposit services aims to enhance real-time transaction capabilities for institutional clients by leveraging a private blockchain. This initiative involves key industry players and focuses initially on collateral and margin workflows.