Tokenized Deposits
Major banks are turning to the Ethereum blockchain for projects involving tokenized deposits and cross-border payments, driven by a more favorable regulatory environment. Institutions like JPMorgan Chase, Citi and Custodia Bank have developed applications on Ethereum and its Layer-2 networks. This resurgence follows earlier efforts in the 2010s that largely stalled due to technical and investment challenges.
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The Bank of New York Mellon, the world's largest custodial bank, plans to introduce tokenized deposits targeted at institutional investors. This move aims to mirror deposit balances on a private blockchain, enhancing settlement speeds and liquidity access.