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

BNY Mellon has introduced a tokenized deposit service enabling institutional clients to convert traditional cash into digital tokens on a private ledger, aiming for 24/7 settlement. This initiative, supported by major crypto players like Ripple and Circle, is designed to modernize financial infrastructure by enabling faster collateral management, margin operations, and payments outside standard banking hours. Carolyn Weinberg, BNY's Chief Product and Innovation Officer, stated this extends trusted deposits onto digital rails for greater speed and regulatory alignment. While utilizing blockchain utility, BNY ensures client balances remain recorded in traditional systems for regulatory compliance. Ripple Prime, a subsidiary of Ripple, is an early user, leveraging the integration to manage liquidity on-chain. Other participants testing the platform include Securitize, Talos, Paxos, WisdomTree, and Invesco.

(Source：BeInCrypto)