BNY Mellon Tokenized Deposits Modernize $2.5T Payments
BNY Mellon‘s tokenized deposits are being explored right now to enable clients to make payments using blockchain technology. The bank actually handles roughly $2.5 trillion worth of payments daily and is working on this initiative to modernize infrastructure, including scaling real-time, instant, and even cross-border payments. BNY Mellon Tokenized Deposits BNY Mellon tokenized deposits are essentially digital coins that are transferable and represent a deposit claim against a commercial bank. These tokens represent digital versions of deposits that customers hold in their accounts. As blockchain rails process transactions using these coins, settlement happens instantaneously. Carl Slabicki, executive platform owner for Treasury Services at BNY, stated: “Tokenized deposits could help banks overcome legacy technology constraints, making it easier to move deposits and payments across their own ecosystems – and eventually, across the broader market as standards mature.” R...