BNY Mellon Launches Tokenized Deposits, Enabling On-Chain Fund Transfers

Odaily News BNY Mellon has launched a tokenized deposit service, allowing clients to transfer funds via blockchain networks. These tokenized deposits represent an on-chain form of the deposits held by BNY clients in their bank accounts. They can be used for collateral and margin trading, and operate 24/7 to accelerate payment speeds. Institutions currently participating in the service include Intercontinental Exchange (ICE), Citadel Securities, DRW Holdings, Ripple Prime, Baillie Gifford, and Circle. (Bloomberg)