BNY: World's largest depository bank shifts payments to the blockchain

The Bank of New York Mellon (BNY), the world's largest depository bank, is working on tokenized deposits to provide its customers with instant, 24/7 money transfers and overcome the limitations of its legacy payment systems.
According to Carl Slabicki, Executive Platform Owner for Treasury Services at BNY, a portion of the $2.5 trillion in daily payments will be processed via blockchain infrastructure in the future. Tokenized deposits differ from stablecoins: They are backed one-to-one by bank deposits and represent direct claims against commercial banks, without third parties or external collateral.
Slabicki emphasized that the technology helps banks modernize legacy systems and enable real-time cross-border payments in the future. BNY is working closely with SWIFT on a global blockchain ledger for international transactions and is also part of an initiative with Goldman Sachs, BlackRock, and Fidelity to develop tokenized money market funds for institutional clients. It is also providing custody for Ripple's stablecoin, RLUSD.
With this move, BNY joins a growing list of global banks—including JPMorgan, HSBC, and SBI Shinsei Bank—that are using tokenized deposits to actively shape the digital future of payments.

Recommended Video Bitcoin breaks all records – but when will altcoins follow?

No results