Hey, it’s Marc,

On January 9, 2026, the Bank of New York Mellon, guardian of $57.8T in assets, rewrote the rules of money.

BNY went live with tokenized deposits: 24/7, programmable, atomic settlement on private blockchains with six initial clients: ICE (owns NYSE), Citadel Securities, DRW Holdings, Ripple Prime, Baillie Gifford, and Circle. Same dollar. Same FDIC insurance. Crypto speed. [RELEASE]

The move kills two narratives at once. First: “crypto will disrupt banking.” Second: “stablecoins are the future.”

What’s emerging is messier and far more powerful: a two-tier monetary system where banks keep the yield, insurance, and control, and crypto gets the plumbing.

PS: Today, NYSE announced 24/7 tokenized securities trading today – made possible by BNYs tokenized deposits. We’ll share a CEO Note on that tomorrow.