BNY, one of the largest custodian banks in the world with $57.8 trillion under management, has launched tokenized deposits for institutional clients. Ripple Prime is among the first early adopters – alongside Wall Street giants such as Citadel Securities and the Intercontinental Exchange (ICE). For the company, this is another milestone in its partnership with the banking giant.

What BNY launches

BNY now enables institutional clients to move bank deposits over blockchain infrastructure. The tokenized deposits reflect real customer funds held at the bank. Unlike stablecoins, these funds remain within the regulated banking system.