BNY Mellon Considers Blockchain-Enabled Tokenized Deposits for Faster Payments

BNY Mellon, one of the largest financial institutions in the U.S., is exploring the potential of tokenized deposits to facilitate blockchain-based payments. This move aims to capitalize on the growing interest among traditional banks to leverage blockchain technology for faster, more secure, and efficient transactions. 💰 The bank’s substantial scale, processing $2.5 trillion in daily payments and managing $55.8 trillion in assets under custody, adds significant weight to this innovation.