Certain deposits at BNY will now be tokenised as the bank pushes ahead with its digital asset initiative.
The service will initially be available for collateral and margin workflows, where BNY suggests that the use of tokenised deposits could improve liquidity management.
Balances will continue to be recorded on traditional systems, with mirrored representations of client deposit balances also tokenised on the firm’s private permissioned blockchain.
Anchorage, Citadel Securities, Galaxy, Ripple Prime and StoneX have already signed up to the service.
“The holder has a direct claim on the bank under standard deposit terms, governed by existing banking regulations. Client balances continue to be recorded on BNY’s traditional systems to maintain regulatory and reporting integrity,” a BNY spokesperson told The DESK.
Carolyn Weinberg, chief product and innovation officer at BNY, added, “Tokenised deposits provide us with the opportunity to extend our trusted bank deposits onto digital rails — enabling clients to operate with greater speed across collateral, margin, and payments, within a framework built for scale, resilience, and regulatory alignment.”
More broadly, tokenising deposits could also reduce settlement friction and will allow for programmable payments and settlements, the bank added. It intends to support rules-based, near real-time cash movements, including an always-on treasury workflow, for institutional clients in the future.
“The current marketplace shift isn’t about blockchain technology immediately replacing traditional systems – it’s about the two coexisting to unlock new possibilities and different solutions for different client needs,” the spokesperson continued.
Elizabeth King, global head of clearing and chief regulatory officer at ICE, commented, “This collaboration reflects a shared goal to enable more continuous and efficient movement of cash as we prepare our clearing infrastructure to support 24/7 trading and the potential integration of tokenised collateral.”
Elsewhere in the tokenisation space, changes at the US Securities and Exchange Commission (SEC) has allowed DTCC to tokenise its assets under security in the first half of the year.
READ MORE: DTCC to tokenise US Treasury securities in H1 2026
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