BNY, a major US custodian bank, is exploring tokenized deposits and blockchain-based payments as part of its digital asset strategy.

The bank is deepening its involvement in crypto infrastructure by considering tokenized deposits, aligning with broader traditional finance shifts toward blockchain technology.

BNY has partnered with Ripple to provide custody services for the RLUSD stablecoin, facilitating on-chain reserve management.

The move contributes to the tokenization trend in finance, where banks are using blockchain for secure, regulated transactions within their ecosystems.