BNY Mellon launched a tokenized deposit service on January 9 2026, allowing institutional investors to move funds via a private blockchain while custody remains within the regulated banking system.
The new platform mirrors deposit balances on a private blockchain, delivering near‑real‑time settlement and unlocking liquidity for clients that need faster, more efficient transfers. It builds on BNY’s existing digital‑asset custody platform, which began serving Bitcoin and Ether in October 2022.
Early adopters include Intercontinental Exchange, Citadel Securities, Ripple Prime, Baillie Gifford, and Circle Internet Group, signaling strong institutional demand. The service is expected to support 24‑hour trading settlement across ICE’s clearinghouses.
BNY’s Chief Product and Innovation Officer Carolyn Weinberg said the service extends trusted bank deposits onto digital rails, giving clients speed across collateral, margin, and payments within a resilient, regulatory‑aligned framework. The launch positions BNY as the first U.S. G‑SIB to natively custody Bitcoin and Ether, reinforcing its competitive moat.
The launch aligns with broader industry trends toward “always‑on” markets and regulatory developments such as the Genius Act and proposed 24/7 capital markets. By bridging traditional finance with blockchain, BNY can capture new fee‑generating opportunities and deepen client relationships.
Competitors like JPMorgan and HSBC are also expanding tokenized deposit offerings, but BNY’s deep custody base of $57.8 trillion and early institutional validation give it a distinct advantage. The service is expected to generate incremental revenue and enhance BNY’s position as a leader in digital‑asset services.
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