As the world's largest custodian bank, Bank of New York Mellon (BNY) is exploring tokenized deposits to enable clients to make instant transfers around the clock while alleviating the limitations of its traditional systems.
BNY's head of treasury services, Carl Slabicki, told Bloomberg that the project is part of an effort to upgrade real-time and cross-border payments, aiming to shift a portion of its $2.5 trillion daily payment flow onto a blockchain track.
Slabicki stated that tokenized deposits can help "banks overcome traditional technology limitations, making it easier to transfer deposits and payments within their own ecosystems—ultimately, as standards mature, to transfer in a broader market."
Tokenized deposits are digital tokens backed one-to-one by commercial bank funds. Unlike stablecoins, which are typically backed by securities or third-party reserves, tokenized deposits represent a direct claim on the balances of commercial banks.
Cointelegraph has reached out to BNY for comments, but has not received a response as of the time of publication.
In July, Goldman Sachs and BNY revealed that they are collaborating to provide institutional clients access to tokenized money market funds, aiming to bring real-time settlement and around-the-clock market access to traditional finance.
Ownership of these funds will be recorded on Goldman Sachs' private blockchain. The initiative includes major players such as BlackRock, Fidelity, and Federated Hermes.
BNY is also one of over 30 institutions working with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to build a shared blockchain ledger for real-time international payments.
BNY's announcement comes at a time of a surge in similar initiatives. JPMorgan launched its own tokenized deposit pilot program, JPMD, in June. HSBC followed suit last month by introducing cross-border tokenized deposit services for corporate clients.
In September, SBI Shinsei Bank also partnered with Partior in Singapore and DeCurret DCP in Japan to explore multi-currency tokenized deposits for cross-border settlements. The three parties signed a memorandum of understanding to develop a blockchain-based framework for real-time clearing of various currencies.
Related: IBIT becomes BlackRock's most profitable ETF, just "a step away" from $100 billion.
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