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Kwanto_LI
aloong_ljt@foxmail.com
Table of Contents
1. Introduction: Igniting the Topic - The Capital Frenzy and Controversy from USDC to CRCL
2. Basic Understanding: What is a Stablecoin? Why is it the 'Infrastructure' of the Blockchain World?
3. Comparative Landscape: USDC vs USDT, the Duel of the Stablecoin Titans
4. Policy Background: The Genius Act and How it Affects Circle's 'Ceiling'
5. Company Profile: Circle's Comeback Journey - From 'America's Alipay' to a Decade of Turbulence as a Stablecoin Giant
6. Profit Logic: How Does Circle Make Money? Interest Dependency and the Hope for Breakthrough

The Bank of New York Mellon (BNY), the world’s largest custodian bank by assets under custody, has officially launched a tokenized deposit service designed to modernize institutional cash settlement. The new system allows approved clients to convert traditional cash deposits into digital tokens on a private blockchain, enabling faster, more flexible, and “always-on” financial operations.
The initiative brings major crypto and fintech players such as Ripple and Circle into BNY’s digital infrastructure, signaling a deeper integration between traditional banking and blockchain-based financial services.
BNY Targets 24/7 Financial Markets With Tokenized Deposits
BNY’s new offering is built to support institutional clients that operate in increasingly global, real-time markets. Through the tokenized deposit system, clients can represent their cash balances as digital tokens on a private ledger while still maintaining traditional bank account records for regulatory and compliance purposes.
“Tokenized deposits provide us with the opportunity to extend our trusted bank deposits onto digital rails — enabling clients to operate with greater speed across collateral, margin, and payments, within a framework built for scale, resilience, and regulatory alignment,” said Carolyn Weinberg, BNY’s Chief Product and Innovation Officer.
The goal is to reduce settlement delays, particularly for margin management, collateral movements, and complex institutional transactions, which often face time-zone and banking-hour limitations in traditional systems.
Supporting the Shift Toward “Always-On” Markets
BNY emphasized that global financial markets are moving toward an always-on operating model, where asset transfers and liquidity management need to happen around the clock — not just during standard banking hours.
Institutional investors increasingly require instant access to funds to respond to:
Market volatility
Margin calls
Collateral adjustments
Cross-border payment needs
Tokenized deposits help address these demands by:
Reducing settlement friction
Enabling near-real-time transfers
Supporting programmable payments that execute automatically when predefined conditions are met
Despite the use of blockchain technology, BNY confirmed that all client balances remain recorded in its traditional banking systems to ensure regulatory reporting integrity and financial safety.
A Hybrid Model That Prioritizes Compliance
BNY’s approach combines blockchain efficiency with traditional banking safeguards. This hybrid structure ensures that speed and innovation do not come at the expense of compliance or risk management.
“Interoperability between these systems not only builds durable bridges between the real economy and the broader internet financial system, but also demonstrates that speed and new use cases do not come at the expense of safety and soundness expectations of the world’s leading financial institutions,” said Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy and Operations.
This model reflects a growing trend where major banks adopt blockchain infrastructure while maintaining regulatory alignment.
Ripple Prime Among the First Users
Ripple Prime, a subsidiary of Ripple, is one of the first firms to utilize BNY’s tokenized deposit service. The partnership builds on an existing relationship, as BNY already serves as the primary custodian for the reserves backing Ripple’s RLUSD stablecoin.
By integrating with BNY’s digital ledger, Ripple Prime can:
Manage liquidity more efficiently
Represent cash balances on-chain
Settle transactions in near real time
“As more traditional financial institutions move into digital-native services in 2026, BNY is staying ahead of the curve, bringing digital assets directly into the banking system,” said Noel Kimmel, President of Ripple Prime.
Circle, Paxos, and Major Asset Managers Join the Platform
In addition to Ripple Prime and Circle, BNY confirmed that several other digital asset firms and traditional financial institutions are testing the platform, including:
Securitize
Talos
Paxos
WisdomTree
Invesco
This diverse group of participants highlights the growing institutional interest in blockchain-powered financial infrastructure.
What This Means for Institutional Finance
BNY’s tokenized deposit service represents a major step toward:
Faster settlement cycles
Improved liquidity management
24/7 operational capability
Strong regulatory compliance
Rather than replacing traditional banking, the system enhances it with digital efficiency, creating a bridge between legacy finance and blockchain technology.
Disclaimer:
This article is for informational purposes only and does not constitute financial or investment advice. Readers should conduct their own research before making any financial decisions.
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