#BNYMellon Explores #Tokenized Deposits for Payment Modernization


The Bank of New York Mellon is evaluating #tokenized deposits as a potential solution for upgrading its payment infrastructure and addressing constraints in legacy systems. Carl Slabicki, executive platform owner for Treasury Services at BNY, confirmed the exploration is part of broader modernization efforts across real-time, instant, and cross-border payment rails.


BNY's treasury services unit processes approximately $2.5 trillion in payments daily and oversees about $55.8 trillion in assets under custody or administration. Moving transactions onto decentralized ledgers would enable near-instant settlement and 24/7 operations, contrasting sharply with traditional correspondent banking networks. Tokenized deposits represent bank-issued digital coins backed one-to-one by commercial bank money.


The initiative arrives amid a wave of deposit token pilots by global financial institutions. #JPMorgan launched a proof-of-concept for JPMD, a USD deposit token running on Base, in June of this year. HSBC recently rolled out a #tokenized deposit service enabling corporate clients to facilitate cross-border currency transactions with improved speed and efficiency.

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October 07, 2025 at 10:32 PM
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