Bank of New York Taps Ripple and Circle for Faster Institutional Settlement

The Bank of New York (BNY) Mellon has launched a tokenized deposit service that allows institutional clients to convert cash into digital tokens. The initiative brings major crypto players, including Ripple and Circle, onto a private blockchain designed to speed up cash transfers. BNY Targets ‘Always-On’ Markets With New Digital Deposit Offering The new offering allows the bank’s institutional clients to convert traditional cash deposits into digital tokens on a private ledger. “Tokenized 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,” Carolyn Weinberg, BNY’s Chief Product and Innovation Officer, stated source: https://beincrypto.com/ripple-backs-bny-tokenized-institutional-banking/