BNY Debuts Tokenized Deposits for Institutions and 'Digital Natives'

BNY, the world’s largest custodian bank, signaled on Friday that it will begin issuing digital representations of customers’ deposits on the blockchain. In a blog post, the institution co-founded by Alexander Hamilton described the move as a key step in bolstering its ability to move “programmable, on‑chain cash” across digital rails. The product is powered by the bank’s private and permissioned blockchain, BNY added. The product is for both institutions and “digital natives,” it added. BNY described its t ...