Bank of New York Mellon, which oversees $55.8 trillion in assets under custody, is piloting tokenized deposits to overhaul its $2.5 trillion daily payments infrastructure. The trial will let clients move tokenized versions of their deposits over a blockchain, enabling near-instant settlement and reducing transaction costs.
BNY’s Carl Slabicki told Bloomberg the initiative aims to help banks “overcome legacy constraints” and facilitate faster cross-network money movement. The pilot joins a growing trend among global banks exploring blockchain-based finance.
Earlier this year, JPMorgan tested its JPMD token on Coinbase’s Base blockchain, while nine European banks began developing MiCA-compliant euro stablecoins. BNY Mellon and Goldman Sachs also launched tokenized money market funds over the summer.
CEO Robin Vince has said BNY Mellon remains cautiously optimistic about blockchain adoption but aims to modernize core systems responsibly. The pilot highlights a growing shift toward tokenized banking infrastructure among major financial institutions.
You need to login in order to Like
Leave a comment