The Bank of New York Mellon officially launched a pilot project for tokenized deposits. This innovation uses private blockchain technology to mirror and map customers' demand deposit balances while fully preserving the traditional ledger system—ensuring regulatory transparency and enabling flexible on-chain operations. The initial phase focuses on collateral and margin domains, with the core advantage of supporting 24/7 settlement, breaking the traditional T+1 or longer clearing cycles. This breakthrough significantly improves institutional trading efficiency. Notably, the project has attracted participation from exchanges like ICE, top market makers Citadel Securities and DRW, asset management giant Baillie Gifford, as well as stablecoin and cross-chain technology providers Circle and Ripple Prime. From the lineup of participants, this represents a deep collaboration between traditional finance and the blockchain ecosystem—comprising transaction infrastructure providers, liquidity solution providers, and blockchain protocol innovators. This multi-dimensional combination indicates that tokenized deposits are moving from the conceptual stage toward real-world application.