BNY has introduced tokenized deposits to enable on-chain transfers while maintaining funds within the regulated banking system. This service supports faster settlement, 24/7 transactions, and programmable features for collateral and margin use cases, reflecting a trend of institutional adoption of tokenization by major banks. The initiative involves on-chain representation of client deposit balances on BNY’s Digital Assets platform, starting with collateral and margin workflow use cases. Participants include Intercontinental Exchange, Citadel Securities, DRW Holdings, Baillie Gifford, Circle, Ripple Prime, and others. BNY’s move aligns with the industry shift towards 24/7 trading and settlement.

Read more at Yahoo Finance: Major U.S. Bank BNY Enters On-chain Cash Race With Tokenized Deposit Pilot