Major U.S. Bank BNY Enters On-chain Cash Race With Tokenized Deposit Pilot

BNY has rolled out new tokenized deposits that mirror client balances on a private blockchain while deposits stay on bank books. The first phase targets collateral and margin moves with real-time, 24/7 settlement. Early users include ICE, Citadel Securities, DRW, Baillie Gifford, Circle, and Ripple.

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