BNY Mellon, the world’s largest custodial bank managing $55.8 trillion in assets, takes a significant step toward modernizing global payment systems. The financial giant now explores tokenized deposits to transform its massive $2.5 trillion daily payment operations.
Bank of New York Mellon Corp. is exploring tokenized deposits to enable clients to make payments using blockchain, as major banks across the world step up use of the technology underpinning digital assets to transfer funds https://t.co/VTk1pDlsP3
— Bloomberg (@business) October 7, 2025
Revolutionizing Payment Infrastructure
The bank aims to enable clients to make payments using blockchain-based tokenized versions of their deposits. This innovative approach offers near-instant settlement capabilities and potentially reduces transaction costs across the network. Carl Slabicki, BNY Mellon’s executive platform owner for Treasury Services, highlights how this technology helps banks overcome traditional system limitations and enables smoother fund movement.
Leading the Digital Banking Evolution
BNY Mellon joins an expanding group of major financial institutions embracing blockchain technology. The bank recently partnered with Goldman Sachs to launch tokenized money market funds for clients. This strategic move aligns with similar initiatives from other industry leaders, such as JPMorgan’s JPMD token on Coinbase’s Base blockchain and the collaborative effort of nine European banks developing a MiCA-compliant euro stablecoin.
Building the Future of Finance
The exploration of tokenized deposits marks a measured approach to innovation from BNY Mellon. While the bank maintains a careful stance on crypto-related products, this initiative demonstrates its commitment to advancing payment technology. The project’s success could reshape how financial institutions handle large-scale transactions and potentially set new standards for the banking industry.
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