$55.8T Giant BNY Mellon Tests Tokenized Deposits to Power $2.5T in Daily Payments

Bank of New York Mellon Corp., the world’s largest custodian bank with $55.8 trillion in assets under custody and administration, is testing tokenized deposits as part of its plan to modernize its payments infrastructure and expand the use of blockchain in global finance, according to a Bloomberg report. The initiative, led by Carl Slabicki, executive platform owner for Treasury Services at BNY Mellon, seeks to allow clients to make blockchain-based payments using tokenized versions of traditional deposit ...