Overview
- The tokens mirror clients’ cash 1:1 as on-chain book entries while legal records remain on conventional banking ledgers.
- The service operates on BNY’s private, permissioned blockchain integrated with its core systems to enable near real-time transfers.
- Initial use focuses on collateral and margin workflows as BNY positions the rails for always-on market operations and programmable payments.
- Early participants include Intercontinental Exchange, Citadel Securities, DRW, Anchorage Digital, Circle, Ripple Prime, Baillie Gifford, WisdomTree and Zero Hash.
- Reporting points to interoperability with USDC stablecoin systems and XRP-linked platforms to extend institutional on-chain cash movement.