BNY Embraces Tokenized Deposits to Power $2.5 Trillion Payment Network

BNY Mellon, the world’s leading custodian bank, is exploring the use of tokenized deposits to enable instant, 24/7 fund transfers for clients. This innovative approach aims to ease the limitations of legacy systems and enhance real-time and cross-border payments. BNY’s initiative will involve transitioning a portion of its $2.5 trillion daily payment flow onto blockchain rails.