BNY MELLON'S TOKENIZED CASH: CUSTODIAL PATH TO TOKENIZED COLLATERAL

Summary from the TLDR Crypto newsletter

BNY Mellon is launching tokenized cash focused on collateral, margin, and intraday liquidity (not retail), enabling tokenized cash as collateral, real-time intraday settlement and reconciliation, and 24/7 availability with bank-deposit legal protections. This is a custodian-led route (joined by JPM and others and DTCC+Canton integrations) that could see capital markets in the US first adopt a tokenized collateral stack on semi-public networks like Canton before broader public-chain scaling.