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BNY Mellon Launches Tokenized Deposit Service, Supporting Clients in Transferring Funds via Blockchain
On January 9, according to Bloomberg, Bank of New York Mellon (BNY) launched a tokenized deposit service that supports clients in transferring funds via blockchain networks. The tokenized deposit is an on-chain representation of the deposits held in BNY client accounts, which can be used for collateral and margin trading, and operates 24/7 to accelerate payment speeds. Currently, participating institutions include Intercontinental Exchange (ICE), Citadel Securities, DRW Holdings, Ripple Prime, Baillie Gifford, and Circle. BNY currently manages or administers assets totaling $57.8 trillion, making it the latest major global bank to deepen its involvement in digital assets after JPMorgan and HSBC. ICE plans to support tokenized deposits within its clearinghouse to facilitate its 24-hour trading settlement readiness. Additionally, the service supports programmable trading, allowing automatic fund transfers triggered when predefined conditions are met (such as repaying loan obligations).