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

Bank of New York Mellon Corp., the world’s largest custodian bank with $55.8 trillion in assets under custody and administration, is testing tokenized deposits as part of its plan to modernize its payments infrastructure and expand the use of blockchain in global finance, according to a Bloomberg ￰4￱ 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 ￰5￱ project is designed to support real-time, instant, and cross-border transactions across the bank’s global ￰6￱ to Bloomberg, BNY Mellon is exploring the launch of tokenized deposits to enable clients to make payments via ￰7￱ currently processes about $2.5 trillion in payments per day and oversees $55.8 trillion in assets under custody. ￰0￱ — Wu Blockchain (@WuBlockchain) October 7, 2025 BNY Mellon Joins JPMorgan and HSBC in Race to Bring Blockchain to Banking BNY Mellon’s treasury services division processes about $2.5 trillion in payments every ￰8￱ 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 ￰9￱ deposits function as digital representations of a client’s cash held at a commercial ￰10￱ operating on blockchain rails, these deposits can be transferred instantly, settling transactions in real time without the delays or intermediaries found in traditional payment ￰11￱ argue that such technology can make payments cheaper, faster, and available 24 hours a day, seven days a ￰12￱ move by BNY Mellon comes amid growing adoption of blockchain-powered payments among major financial ￰13￱ June, JPMorgan Chase launched a pilot of its blockchain-based deposit token , JPMD, representing ￰14￱ deposits held at the bank. @jpmorgan launches first banking token "JPMD" on Coinbase Base network, marking Wall Street's biggest blockchain step with dollar-backed deposits for institutional clients. #JPMorgan #Base #Coinbase ￰1￱ — ￰15￱ (@cryptonews) June 18, 2025 Last month, HSBC Holdings introduced a tokenized deposit service for its corporate clients, allowing cross-border currency transfers over blockchain ￰16￱ the same time, several European banks are exploring fiat-linked stablecoins as an alternative blockchain payment ￰17￱ banks, including UniCredit, ING Group, and DekaBank, recently announced plans to jointly develop a euro-backed stablecoin for institutional ￰18￱ and tokenized deposits are increasingly seen as complementary tools that could modernize the global payments ￰19￱ European banks will launch a MiCA-regulated, euro-backed stablecoin that will contribute to Europe’s strategic autonomy in payments. #EURStablecoin #MiCARegulation ￰2￱ — ￰20￱ (@cryptonews) September 25, 2025 The experimentation by BNY Mellon and its peers reflects how quickly blockchain adoption is accelerating in traditional ￰21￱ have been studying distributed ledger technology for more than a decade, but regulatory clarity emerging this year in both the ￰22￱ Europe is now fueling real-world ￰23￱ the United States, policymakers have taken steps to regulate stablecoins , while the European Union’s Markets in Crypto-Assets (MiCA) framework is being rolled out to govern digital assets across member ￰24￱ Mellon, Goldman Sachs, and Deutsche Bank Lead Banking’s Tokenization Wave BNY Mellon’s work with tokenized deposits also aligns with its broader blockchain ￰25￱ July, the firm announced a collaboration with Goldman Sachs to use blockchain to maintain an ownership record of money market ￰26￱ bank is also among more than 30 global financial institutions participating in a SWIFT-led project to design a blockchain-based shared ledger for real-time cross-border ￰27￱ money market funds by Goldman Sachs and BNY Mellon could lead a shift toward real-time asset mobility and programmable finance. #goldmansachs #bny #rwa ￰3￱ — ￰28￱ (@cryptonews) July 23, 2025 The renewed push by major banks into blockchain-based settlement systems follows similar developments at Deutsche ￰29￱ June, Europe’s largest lender said it was considering issuing its own stablecoin or joining an industry-wide tokenized deposit network as part of efforts to modernize ￰30￱ Behzad, Deutsche Bank’s head of digital assets and currencies transformation, said the bank sees “momentum of stablecoins along with a regulatory supportive environment, especially in the U.

S.” The broader shift toward tokenization extends beyond ￰31￱ financial players are rapidly tokenizing real-world assets (RWAs), from bonds and equities to private funds, to improve efficiency and ￰32￱ from Ernst & Young shows that half of institutional investors are considering tokenized products, while Standard Chartered estimates the global RWA market could reach $30.1 trillion by ￰33￱ sector has already expanded by 80% over the past two years, surpassing $17.4 billion in ￰34￱ the United Kingdom, regulators are also moving ahead with blockchain ￰35￱ this year, the Treasury announced plans to issue digital gilts , dubbed “DIGIT,” using distributed ledger technology to reduce costs and speed up settlement ￰36￱ London Stock Exchange Group has also launched its Digital Markets Infrastructure platform for private funds , supporting tokenization, issuance, and post-trade settlement through Microsoft’s Azure cloud.