BNY Mellon launches tokenized deposit service, with participation from ICE, Citadel Securities, Circle, and others.

Techub News, according to Bloomberg, the Bank of New York Mellon (BNY) has launched a tokenized deposit service, allowing clients to transfer funds via blockchain networks. This product is an on-chain representation of client bank account deposits, usable for collateral and margin trading, and supports 24/7 operation to accelerate payment and settlement speeds. Participating institutions include Intercontinental Exchange (ICE), Citadel Securities, DRW Holdings, Ripple Prime, Baillie Gifford, and Circle. ICE plans to support tokenized deposits within its clearinghouse to align with its preparations for 24-hour trade settlement. The service also supports programmable transactions, enabling automatic fund transfers when preset conditions are met.