The New York-headquartered firm on Friday announced the move, with a group of 15 firms supporting the move.

“As institutional markets move toward always on operating models, BNY is committed to innovating and helping define how cash moves across the modern financial system,” Carolyn Weinberg, chief product and innovation officer at BNY said in a release. “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.”

The service allows users to make claims through digital book entries that represent balances, allowing them to manage collateral and margin needs. It is available on BNY’s private, permissioned blockchain, the firm said.

The firms listed on the statement welcoming the launch include Citadel Securities, Digital Asset, DRW Holdings, Galaxy, Intercontinental Exchange (ICE), Invesco, Paxos, Ripple Prime, Anchorage Digital, Baillie Gifford, StoneX Digital, Securitize, Talos, WisdonTree and zerohash.

“ICE is excited to work with BNY as we take steps towards supporting tokenized deposits across ICE’s clearinghouses,” Elizabeth King, global head of clearing and chief regulatory officer at ICE said in a statement. “This collaboration reflects a shared goal to enable more continuous and efficient movement of cash as we prepare our clearing infrastructure to support 24/7 trading and the potential integration of tokenized collateral.

“We remain committed to maintaining close communication with our clearing members and other market participants throughout this transformation.”