BNY Mellon Launches Tokenized Deposit Service for Blockchain-Based Fund Transfers

BNY Mellon Launches Tokenized Deposit Service for Blockchain-Based Fund Transfers

BNY Mellon's new tokenized deposit service allows institutional clients to seamlessly transfer traditional bank deposits via blockchain channels, marking a key advancement in financial digitalization.

Fact Check
The assessment is 'likely_true' with high confidence based on strong and consistent evidence from multiple sources. The most direct evidence comes from a Bloomberg news report, a highly authoritative source, which is summarized as directly announcing that BNY Mellon 'has launched a tokenized deposit service.' This claim is independently corroborated by an article on MEXC.co, which, while having moderate authority, explicitly states that BNY Mellon's initiatives include tokenized deposits. Furthermore, an article from the International Securities Lending Association (ISLA), a high-authority industry body, provides strong circumstantial support by discussing BNY Mellon's active digital asset platform services, making the specific launch plausible and consistent with the bank's known activities.A significant anomaly exists in the provided data for the primary Bloomberg source: the URL is dated for the year 2026. This future date contradicts the past-tense 'launched' in the statement and the source's summary. While this raises questions about the integrity of the source data, the assessment relies on the provided summary text, which is unambiguous. The weight of the corroborating evidence from other sources (MEXC, ISLA) is sufficient to overcome the doubt introduced by this single metadata error. The remaining sources were deemed irrelevant due to a lack of specific information about the service launch or were too low in authority to impact the assessment.
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Summary

BNY Mellon unveiled its tokenized deposit service, enabling clients to transfer traditional deposits over blockchain channels. This service supports 24/7 payments and settlements and can be used for collateral and margin trading. Key partners, including Intercontinental Exchange, Citadel Securities, Ripple Prime, and Circle, highlight the increasing adoption of blockchain in traditional finance.

Terms & Concepts
  • Tokenized deposit: A digital representation of a traditional bank deposit recorded on a blockchain, enabling programmable and continuous fund transfers.
  • On-chain: Refers to assets or transactions that are issued, recorded, and settled directly on a blockchain network.
  • Collateral and margin trading: Financial arrangements where assets are pledged to secure obligations or support leveraged trading activities.