BNY Mellon (BK), the global custody leader managing $55.8 trillion in assets, is piloting tokenized deposit technology to transform its payment infrastructure amid accelerating blockchain adoption in finance.
The initiative enables clients to process payments using blockchain-based deposit tokens, facilitating near-instant settlements and significant cost reductions for the bank's $2.5 trillion daily payment volume.
Carl Slabicki of BNY highlighted the technology's capacity to overcome legacy system limitations, enhancing both internal network efficiency and future cross-system financial transfers.
This places BNY among major financial institutions advancing tokenization, alongside JPMorgan's JPM Coin on Base blockchain and European banks developing MiCA-compliant stablecoins.
The bank recently collaborated with Goldman Sachs on tokenized money market funds, though CEO Robin Vince maintains a measured approach toward crypto deposit acquisition compared to industry peers.