Haciyev Reşit 
BNY Mellon, one of the most established institutions in the U.S. financial system, has accelerated its moves in the digital asset space. The bank announced that it has officially launched a blockchain-based tokenized deposit service. This move is seen as a major turning point in building a critical bridge between traditional banking and the crypto and digital asset ecosystem.
Tokenized Deposit Service from BNY Mellon
According to information reported by Bloomberg, the Bank of New York Mellon (BNY Mellon) has introduced a new service that represents traditional bank deposits held in client accounts as digital cash on a blockchain. The tokenized deposit model aims to enable faster, more efficient, and more transparent fund transfers and payment processes.
BNY Mellon stated that through this service, bank deposits can be used not only for custody purposes but also for collateral management, margin transactions, and rapid payment processes.
BNY Mellon’s Vision on Tokenization
Carolyn Weinberg, President of Product and Innovation at BNY Mellon, made the following statement regarding the initiative:
“The key point here is to reliably connect the traditional banking infrastructure with the digital ecosystem.”
Weinberg’s remarks highlight that BNY Mellon does not view tokenization merely as a short-term technology investment, but rather positions it as a core building block of the future financial system. While integrating blockchain-based solutions into its existing banking infrastructure, the bank aims to prioritize key elements such as security, transparency, and operational efficiency.
Ripple, Circle, and Major Financial Institutions on the Same Platform
According to the report, the initial clients of the tokenized deposit service include several prominent institutions, such as:
- Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE)
- Citadel Securities
- DRW Holdings
- Ripple Labs
- Ripple Prime
- Circle
In particular, the fact that leading blockchain and stablecoin companies like Ripple and Circle are using the same service as one of Wall Street’s largest custodian banks is interpreted as a strong signal for institutional crypto adoption.
A New Phase in Institutional Crypto Adoption
According to experts, BNY Mellon’s move could pave the way for broader adoption of tokenization in the financial world. Bringing traditional bank deposits on-chain has the potential to reduce operational costs while increasing transaction speed and transparency. At the same time, this development demonstrates that major financial institutions are no longer approaching crypto and blockchain technologies merely as cautious observers, but as active participants.
BNY Mellon’s tokenized deposit service stands out as one of the most tangible steps in uniting traditional finance with the digital asset world. The participation of Ripple, Circle, and other major institutions signals that institutional use of blockchain technology may accelerate further. This development suggests that tokenization is set to play a much more central role in the future of the financial sector.
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