$55.8T Giant BNY Mellon Tests Tokenized Deposits to Power $2.5T in Daily Payments

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report.The initiative, led by Carl Slabicki, executive platform owner for Treasury Services at BNY Mellon, seeks to allow clients to make blockchain-based payments using tokenized versions of traditional deposits.The project is designed to support real-time, instant, and cross-border transactions across the bank’s global network.BNY Mellon’s treasury services division processes about $2.5 trillion in payments every day.Slabicki said tokenized deposits could help “banks overcome legacy technology constraints,” allowing deposits and payments to move more efficiently within banking systems and, eventually, across the broader financial market as interoperability standards mature.Tokenized deposits function as digital representations of a client’s cash held at a commercial bank.By operating on blockchain rails, these deposits can be transferred instantly, settling transactions in real time without the delays or intermediaries found in traditional payment systems.Supporters argue that such technology can make payments cheaper, faster, and available 24 hours a day, seven days a week.The move by BNY Mellon comes amid growing adoption of blockchain-powered payments among major financial institutions. In June, JPMorgan Chase launched a pilot of its blockchain-based deposit token, JPMD, representing U.S. dollar deposits held at the bank.Last month, HSBC Holdings introduced a tokenized deposit service for its corporate clients, allowing cross-border currency transfers over blockchain networks.At the same time, several European banks are exploring fiat-linked stablecoins as an alternative blockchain payment mechanism.Nine banks, including UniCredit, ING Group, and DekaBank, recently announced plans to jointly develop a euro-backed stablecoin for institutional transactions.Stablecoins and tokenized deposits are increasingly seen as complementary tools that could modernize the global payments ecosystem.The experimentation by BNY Mellon and its peers reflects how quickly blockchain adoption is accelerating in traditional finance.Banks have been studying distributed ledger technology for more than a decade, but regulatory clarity emerging this year in both the U.S. and Europe is now fueling real-world applications.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,801.50 +0.25 (+0.00%)Dow Futures46,868.00 +1.00 (+0.00%)Nasdaq Futures25,337.25 +6.25 (+0.02%)Russell 2000 Futures2,497.80 -1.70 (-0.07%)VIX16.30 0.00 (0.00%)Gold4,050.70 -19.80 (-0.49%)PortfolioSign in to access your portfolioSign inTop gainersDGNX Diginex Limited 30.99 +6.79 (+28.06%)NTLA Intellia Therapeutics, Inc. 24.47 +4.03 (+19.72%)APGE Apogee Therapeutics, Inc. 47.24 +7.51 (+18.90%)FIG Figma, Inc. 71.08 +10.24 (+16.83%)RXRX Recursion Pharmaceuticals, Inc. 6.09 +0.86 (+16.44%)Top losersFICO Fair Isaac Corporation 1,695.01 -184.54 (-9.82%)OPEN Opendoor Technologies Inc. 8.49 -0.80 (-8.61%)JOBY Joby Aviation, Inc. 17.37 -1.54 (-8.14%)JEF Jefferies Financial Group Inc. 54.44 -4.66 (-7.88%)AAP Advance Auto Parts, Inc. 52.59 -4.25 (-7.48%)Most activeOPEN Opendoor Technologies Inc. 8.49 -0.80 (-8.61%)BULL Webull Corporation 12.66 -0.14 (-1.09%)RGTI Rigetti Computing, Inc. 43.23 -0.67 (-1.51%)AMD Advanced Micro Devices, Inc. 235.56 +24.05 (+11.37%)PLUG Plug Power Inc. 3.6550 -0.2150 (-5.56%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersNVDA NVIDIA Corporation 189.11 +4.07 (+2.20%)AMD Advanced Micro Devices, Inc. 235.56 +24.05 (+11.37%)PATH UiPath Inc. 15.58 +0.76 (+5.13%)TEM Tempus AI, Inc. 103.25 +10.24 (+11.01%)COST Costco Wholesale Corporation 914.80 0.00 (0.00%)Top economic events