BNY Mellon Plans Blockchain-Based Tokenized Deposits for Clients
BNY Mellon Corp. plans to introduce blockchain-based tokenized deposits to enhance payment efficiency and speed, aligning with the global trend of Real World Asset (RWA) tokenization.
Key Points
- BNY Mellon aims to use blockchain technology for faster and efficient payments, potentially revolutionizing RWA tokenization.
- The bank handles $2.5 trillion in daily payments and has $55.8 trillion in Assets Under Management.
- Blockchain could enable nearly instant transaction settlements, differing from traditional networks.
- BNY Mellon joins other firms like Digital Assets, Robinhood, and Gemini in the tokenized finance space.
BNY Mellon's Blockchain and Crypto Involvement
- Has partnerships with top crypto firms, including Ripple Labs Inc.
- Serves as the custody partner for Ripple's USD-backed stablecoin RLUSD.
- Invests in cryptocurrency projects like BlackRock’s iShares Bitcoin Trust ETF and Grayscale's Bitcoin Trust ETF.
- Aims to modernize infrastructure for real-time, instant, and cross-border payments using digital assets.