BNY Mellon Considers Tokenized Deposits, Reports Bloomberg

On the 7th, it was revealed by Bloomberg that Bank of New York Mellon is considering the introduction of tokenized deposits, an initiative that would enable customers to make payments using blockchain technology. According to Carl Slabicki, the head of the bank's Treasury Services, this initiative is part of an effort to modernize the infrastructure for real-time payments and international remittances. The bank processes approximately $2.5 trillion in settlements each day. Tokenized deposits represent a digital coin that signifies a claim on deposits at commercial banks, enabling immediate settlements on the blockchain. In June, JPMorgan Chase introduced a deposit token JP...