[Bank of New York Mellon Launches Tokenized Deposit Service]
Bank of New York Mellon (BNY) has launched a tokenized deposit service, enabling clients to transfer funds via blockchain networks. Tokenized deposits represent an on-chain form of clients' bank account deposits, which can be used for collateral and margin trading, while operating 24/7 to accelerate payment speeds. Participating institutions include Intercontinental Exchange (ICE), Citadel Securities, DRW Holdings, Ripple Prime, Baillie Gifford, and Circle. Bank of New York Mellon manages or administrates assets totaling $57.8 trillion, making it another major bank, following JPMorgan Chase and HSBC, to delve deeply into the digital asset space. ICE plans to support tokenized deposits within its clearinghouses and prepare for 24-hour trade settlement. The service supports programmable transactions, allowing funds to be automatically transferred when predefined conditions are met.